Spain's PSOE spokesperson Montse Mínguez on vulture funds and large landlords

Montse Mínguez, spokesperson for Spain's PSOE, referred to vulture funds and large landlords in remarks circulated on social media. The underlying question is how much rental housing these players control and what room public policy has to regulate them.

## What Mínguez said about vulture funds

The socialist spokesperson **Montse Mínguez** addressed the issue of vulture funds and large-scale housing owners in remarks that circulated on social media. Her message is part of the debate over who owns Spain's rental stock and under what conditions they operate it.

Vulture funds are investment vehicles that buy distressed or discounted assets to turn a profit. In housing, they typically acquire portfolios of flats from banks or from SAREB, the entity created in **2012** to absorb the toxic assets of bailed-out banks.

## Large landlords: what they are and how much weight they carry

Under Spain's 2023 Housing Law, a large landlord is anyone who owns more than ten residential properties or more than **1,500 square metres** of built surface. That definition triggers caps on rent increases in stressed areas.

The law aims to prevent a handful of owners from concentrating the rental supply. The underlying problem: if the stock is in few hands, price policy has less room to work than it seems.

## The political context of housing

Mínguez's remarks come at a time of political tension over housing. The decrees approved in **2024** and **2025** have changed the rules of the rental market and generated friction with the real estate sector.

The question hanging in the air is whether regulating large landlords makes renting cheaper or, on the contrary, reduces supply and drives up the price of what remains. There is no settled technical consensus on the net effect.