I spent the last 36 hours in Barelcelona at a conference for my job. I met quite a few young professionals who say it's increasingly hard to live in the city due to excessive cost of renting a place to live. Ex-patriot tech workers with incomes double those employed by domestic companies can afford much higher rents and have bid-up the rental market ( of course facilitated by landlords and agencies).
It's a huge shame we are doing this to the young professionals entering their careers who should be putting in the base layer of their careers and finances (I know, I know .. at least they have jobs ..).
Can't help feeling this is a result of the financialisation of housing - something we all need and a basic requirement in Maslow's hierarchy of needs.
This is happening in many places for sure... not just Barcelona, perhaps it's just the first time I heard young professional people attest to this.
Housing should not be a store of value and a means of wealth creation. It is a key source of inequality and it needs to stop.