Mosaic Propco faces tenant protests over affordable housing sales

Tenants in several Spanish residential developments are facing displacement following the sale of affordable housing units from Obra Social La Caixa to the real estate firm Mosaic Propco.

In Erandio, over 120 families from the ‘Los Ochos’ development have mobilized to protest the refusal of the investment fund to renew rental contracts. Residents claim the company intends to sell the properties at market prices that are unaffordable for current tenants. Some families have reported receiving offers between 5,000 and 12,000 euros to vacate their homes early. A collective lawsuit has been filed regarding the sale, alleging that preferential acquisition rights were not respected. The Basque Government is working to designate Erandio as a ‘stressed housing zone,’ though this may not take effect until January.

In Peñacastillo, a neighborhood report identifies 15 vulnerable households in a 107-unit development facing similar housing instability. The affected group includes minors, elderly residents, and individuals with disabilities. Many of these families have resided in their homes for an average of nine years, relying on local schools, medical services, and social networks.