On June 2nd 2022,
Leilani Farha, Global Director of
The Shift and former UN Rapporteur on the right to housing launched the Shift Directives “From financialized to Human Rights-based housing” in the European Parliament. The Shift Directives were developed in light of the rise of financialization of housing and the intensifying global housing crisis:“It is time to re-orient housing systems across the world away from financialization and toward housing as a social good and a fundamental human right.”
[1]
The directives show how the financialization of housing is contributing to the global housing crisis and offer a comprehensive framework providing governments and other investors with guidance on how to effectively address the financialization of housing in accordance with human rights law and is the first of its kind. The directives can also be seen as a tool for housing and human rights advocates to push back and assert the right to housing.
The publication is divided into 10 specific directives:
1. Shift to a Human Rights-Based Housing Framework Regulate Institutional
2. Investment in Housing to Comply with Human Rights,
3. Ensure Renovations and Redevelopment are Consistent with Human Rights,
4. Restrict Investment in Residential Real Estate and Vacant Homes by Individuals,
5. Regulate Short-Term Rentals and Associated Platforms, Regulate Emerging
6. Forms of Financialization – Student Housing and Long-Term Care Homes, Enact
7. Effective Legislative Protections for Tenants and Ensure Their Participation,
8. Ensure Compliance with Human Rights by Central and Commercial Banks,
9. Strengthen International, Regional and Industry Accountability Mechanisms,
10. Ensure International Financial Institutions and Frameworks Adhere to Human Rights Standards.
Through this framework, governments and investors should be equipped to take the necessary practical steps to take to address the housing crisis, while ensuring housing systems are based on principles of human rights.
The official launch of the Shift Directives took place at an event in the European Parliament devoted to the financialization of housing, hosted by the Greens/EFA. The event included a screening of PUSH, an award winning documentary film which sheds light on the global phenomenon of the commodification of housing and follows the real-life stories of those living through the housing crisis all over the world. The launch of the Shift Directives was followed by a panel debate with Leilani Farha, former UN Special Rapporteur on Housing and Director of The Shift, Sorcha Edwards, The secretary General of Housing Europe, Ernest Urtasun & Kim van Sparrentak, Members of the European Parliament, Greens/EFA, and a European Commission representative.
Read the Shift Directives in full here and check out The shifts interactive housing map here, which shows real-world examples of abuses and solutions in relation to the financialization of housing.
[1] The Shift Directives "From financialized to human rights-based housing". June 2, 2022: make-the-shift.org/wp-content/uploads/2022/05/The-Directives-Formatted-DRAFT4.pdf
