Tens of thousands of Spaniards protest growing housing crisis

BARCELONA

Tens of thousands of Spaniards marched in protests held across the European country on April 5 in anger over high housing costs with no relief in sight.

The massive demonstration of social angst that is a major concern for Spain's left-wing government and town halls was organized by housing activists and backed by Spain’s main labor unions.

The housing crisis has hit particularly hard in Spain, where there is a strong tradition of home ownership and scant public housing for rent.

Rents have been driven up by increased demand. Buying a home has become unaffordable for many, with market pressures and speculation driving up prices, especially in big cities and coastal areas.

A generation of young people say they have to stay with their parents or spend big just to share an apartment, with little chance of saving enough to one day purchase a home.

High housing costs mean even those with traditionally well-paying jobs are struggling to make ends meet.

The average rent in Spain has almost doubled in the last 10 years.

The price per square meter rose from 7.2 euros ($7.90) in 2014 to 13 euros last year. The increase is bigger in Madrid and Barcelona.

Incomes have failed to keep up despite Spain's recent economic boom , especially for younger people in a country with chronically high unemployment.

Spain does not have the public housing that other European nations have invested in to cushion struggling renters from a market that is pricing them out.

Spain is near the bottom end of OECD countries with public housing for rent making up under 2 percent of all available housing.

The OECD average is 7 percent. In France it is is 14 percent, Britain 16 percent and the Netherlands 34 percent.