Saturday, September 26, 2026

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Daily Geo: Super El Niño Intensifies

A rapidly strengthening “Super El Niño” is developing across the tropical Pacific and could become one of the strongest El Niño events on record.

In the central equatorial Pacific, ocean temperatures have risen to about 3°C (5.4°F) above average, nearly matching previous records. Scientists estimate there is about a 75% chance the event could become record-breaking, with some models projecting even greater warming later this year. As Pacific waters heat up, El Niño can shift weather patterns around the world. Parts of Southeast Asia, Australia, Africa, and India may face increased drought and heat, while parts of the southern United States could experience wetter conditions. Strong El Niño events can also bring warmer winters to the U.S. Midwest.
The event has the potential to disrupt agriculture, fisheries, water supplies, and food production. Researchers also estimate that extreme heat linked to this El Niño could contribute to as many as 451,000 excess deaths worldwide through February 2027.
This map depicts the typical global precipitation patterns associated with El Niño, showing regions that are more likely to experience wetter-than-normal conditions in green and drier-than-normal conditions in yellow during different times of the year.

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In Madrid, an 87-year-old woman has been evicted from the apartment she had rented for the past 70 years because an investment fund bought her building and wanted to raise the rent. Meanwhile, the regional President of Madrid is trying to evade responsibility for using public funds to buy a €6 million penthouse for her personal use. In the juxtaposition of these two stories, there is something deeply troubling.

The story of Maricarmen is heartbreaking. She is an 87-year-old woman who lived in the same apartment for 70 years. It was initially her father who rented the flat, and upon his passing the contract was transferred to her mother and, upon her passing, to her. This was in 2005; Maricarmen was already 61 and had no surviving siblings or descendants.

They had never stopped paying rent. With time it was very low compared to the rest of central Madrid. That was not a problem until the owners sold the block and an investment fund bought her apartment in 2018. The investment fund, Renta Corporación, which is a publicly traded company, offered to sell the apartment to Maricarmen, which she could not afford.

So the fund resold the apartment to a smaller company, which demanded a 275% rent increase. Maricarmen, who by that time was already retired, could not afford the new rate, as it exceeded her pension.

Before continuing, I have some insight into how these processes work. I have a good friend who used to work for a company whose purpose was to negotiate with squatters on behalf of big investment funds to convince them to vacate. Not the infamous “desokupas”, who are a bunch of thugs relying on threats and intimidation, but mediators who would reach an agreement and pay them to leave. Make of that what you will.

He had access to the housing stock of a couple of these huge investment funds because he had to manage the percentage of squatters in their portfolios. He also had access to “interesting investment opportunities” which the company had a department dedicated to selling.

These were high-end properties that you could buy at a hefty discount, provided you dealt with the squatters yourself. Among these were properties like Maricarmen’s: an apartment whose rent or market value could triple or quadruple, if only you dealt with the small issue of the tenants.

I am confident, although I cannot say for sure, that the second company that bought Maricarmen’s apartment was fully aware of this—a situation that the publicly traded company would probably avoid because of the long legal battle and negative publicity. They paid around €240,000 for the apartment which, at current market value, could be sold for more than €800,000.

A legal battle started. The new owners wanted her out and she fought to stay. She (and her parents) had never missed a rent payment in 70 years. The contract included an annual increase based on the Consumer Price Index (CPI) and other taxes, but fell under Spain’s traditional regulated tenancies, which meant rent could only increase according to the original contract and the contract had no expiry date.

In 1994, the Urban Leases Law was amended to phase out those types of contracts. There are some exceptions, for example if the tenant has a recognized disability of at least 65%. Because of her age, Maricarmen was assessed at 50%. Maricarmen received a first-instance ruling in her favor, which was overturned by the High Court in March 2026. This escalated all the way to the UN, which called on the Spanish government to stop the eviction. The eviction was carried out, against fierce public opposition, on September 23, 2026.

In this case, the law was on the side of the owners. Never mind that they—most probably—bought the property with the intention of speculating at the expense of an elderly woman; they have technically not done anything illegal. Despicable, perhaps, but not illegal. On a smaller but more dramatic scale, this is an extension of what the so-called “vulture funds” have been doing in Spain since 2013.

Around that time, and after the 2008 crisis, Spain experienced a housing bubble burst of its own. Similar to the US, banks -specially saving ones- had issued loans for housing development and mortgages with very little oversight, to put it mildly, which created a huge real estate bubble. When Spain was hit by the financial crisis, this came crashing down.

Obsessed with stopping the collapse of market prices, which was having a domino effect on the banking system, one of the things the government did was roll out the red carpet for international real estate funds. They were offered almost zero corporate tax, which injected hundreds of millions into the market but ended up giving them an enormous share of the housing supply (another thing the government did was bail out the banks, but that’s a more familiar story).

Since then, the housing market has been a constant target for speculation, and that is one of the reasons why there is a housing crisis in Spain. It is not simply that there aren’t enough houses on the market—that’s debatable and only part of the problem—but that the only goal of these “vulture funds” is to drive up prices to maximize profit, which affects the entire market. Rent in Spain’s mid-sized and large cities can consume more than half the average salary, and buying a home is out of the question for the majority of young adults.

At its root, the problem is the same one that has driven Maricarmen out of the house in which she lived for more than 70 years: financial speculation with essential human needs. When big business is left unchecked, it has a cascading effect. The politicians who are supposed to regulate them are usually working under their influence and trying to take advantage of their position for their own personal benefit.

That is the case with the President of the Community of Madrid, Isabel Díaz Ayuso (who you might remember having to leave Mexico with her tail between her legs for trying to punch politically above her weight). In October 2025, she insisted in her closing remarks at the Real Estate Forum in Madrid—organized by BlackRock—that she would never “intervene” (read: regulate) the market.

In July 2026, a journalistic investigation revealed that a company owned by the Madrid regional administration had bought a penthouse valued at more than €6 million. The penthouse was allegedly intended to host the offices of the presidency while they were renovating their headquarters, or so they said. But the penthouse was directly opposite Ayuso’s mother’s home; she was separating from her partner; and, most importantly, the penthouse could not legally be used for offices because urban zoning regulations explicitly prohibited it. There are more incriminating nuances, but you get the idea.

While a high-ranking politician—even if her power is regional rather than national—takes advantage of public funds for her own housing and pledges to defend the interests of major real estate funds (isn’t that also intervening in the market in a different way?), the system she defends legally evicts an 87-year-old woman who just wanted to spend her last years in the house she had lived in since she was 17.

The penthouse has been the political hot potato of the summer in Spain. Because it was so brazen, it was absurd. Ayuso was a rising star with big political ambitions, and this might be a career ender (though one can only hope). I think that both the regional Madrid government and the national government, which sit on opposite sides of the political divide, made only half-hearted attempts to stop the eviction because they thought they could each blame the other and score political points.

This is a very local and particular case of how unchecked speculation by big investment “vulture funds” has cascading repercussions throughout the entire system. It also shows how politicians are generally too afraid to regulate them, hiding behind the rhetoric of the “free market” while using public funds to secure personal advantages. That will probably sound familiar in many places.

But at its core, there is something much more controversial to name, yet equally corrosive: greed. We are afraid of naming it because we have relegated it to the realm of personal morality or emotion. But greed was what moved the owners of the company to seek Maricarmen’s eviction, even rejecting private offers to cover her rent for life and offers to buy the apartment. Greed is what moved a public official to use a €6 million of public funds for a penthouse to live beyond her, already generous, means. Greed is what moves those who operate “vulture funds” to speculate on people’s homes. Greed is what blocks real reform of the system.

Every tradition in the world has always warned about greed, not as an abstract emotion, but as a real corruptor of society. We seem to have institutionalized it.

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19 comments

  1. Ignacio

    Thank you Curro. I was discussing this with my wife and my daughter today. Yo aptly call it “institutionalised greed” some others might say “because markets” or “neoliberalism”. Houses are, first and foremost, assets from which rents can be extracted in the form of actual rents or mortgages. Secondarily these are places where people live but evicted when required by the main function as we see. This is deeply embedded in the CW.

    But, who cares about such trivialities when the Russians are about to attack critical infrastructures of a NATO member in the next few months according to some bloody idiotic Danish intelligence report? Western values here in full display!

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