Why is Spain considering a 100% tax on homes bought by non-EU buyers?

[Yo_Mama_Been_Loggin]

MADRID (AP) — Spain is planning a raft of measures to address its brewing housing crisis, including an up to 100% tax on properties bought by people who are neither citizens nor residents of the European Union.

Spanish Prime Minister Pedro Sánchez announced the plan this week to tackle housing affordability and high rents in the Southern European nation. He said that the overall goal was to provide “more housing, better regulation and greater aid.”

“The West faces a decisive challenge: To not become a society divided into two classes, the rich landlords and the poor tenants,” Sánchez said as he announced the plan.

However, it remains unclear if the plan put forth by Sánchez’s minority coalition will pass in parliament. Here’s a look at what’s happening:

https://apnews.com/article/spain-housing-crisis-tourism-rent-protests-taxes-bac46b236f0b151e1a38671191edcfc8

[OAITW r.2.0]

1. Spain seems like a growing component of the EU. Probably a lot of US/Eastern European/Chinese money looking for RE

in stable EU countries. Spain looks like a great place to invest. At the expense of the local populations.

[msongs]

2. non resident speculators driving up the cost of housing for residents. bad scene nt

[RainCaster]

3. For the same reason the US should impose such a tax on investment firms

The price of houses is going up much too fast because of the investors who are buying up houses and renting them at inflated prices in tight markets.

[thatdemguy]

4. I wonder how many would scream bloody murder if this was suggested in the US.

Spain plans to limit the number of homes foreigners purchase by raising taxes by up to 100% on properties bought by people who are not EU citizens and do not reside in an EU country — often buyers of investment or vacation properties.

The above quote if mirrored here would prevent migrants from being able to buy houses in the US as they are not a citizen, but do reside in the US. And I am sure there are migrants who own rental houses in the US.