Real estate funds and short-term rentals impact housing markets

The rise of real estate funds and short-term rentals is significantly altering housing markets across Europe, leading to increased housing insecurity. In Rome, approximately fifty families in the Garbatella district are receiving eviction notices as their leases expire. The properties are owned by Fondo Cicerone, linked to Cassa Forense and managed by Fabrica Sgr, a company within the Caltagirone Group.

Similar situations are occurring in Milan, specifically in the Quarto Oggiaro neighborhood, where ten elderly families face eviction following multiple property transfers. These residents previously lived in municipal housing before it was transferred to the Milano 1 Real Estate Fund, managed by BNP Paribas, and subsequently sold to private buyers.

Broadly, the housing crisis is fueled by financial pressure, tourism, and stagnant wages. In Europe, millions of people, particularly young individuals, spend over 40% of their income on housing, while approximately one million people remain homeless. This trend is increasingly affecting the middle class and threatening social stability in major metropolitan areas.