Housing supply and the limits of the market: Spain’s path to an investable social stock
Spain faces a structural housing shortfall estimated at around 700,000 units, with social
housing accounting for just 3.3% of the residential stock, well below the EU average.
The EU’ s reclassification of affordable housing as a service of general economic
interest opens a legally secure path for combining public and private financing, but only if authorities rigorously model funding gaps and design compensation that is sufficient without generating windfall returns.