Sánchez pledges higher taxes on large fund landlords ahead of 29 November vote

A rally in Alcorcón

Pedro Sánchez, who is seeking re-election as president of the Government, presented his party's electoral programme at a rally in Alcorcón, south of Madrid, on Sunday, 15 November. The PSOE put attendance at 5,500 militants and supporters. Before turning to the future, Sánchez listed achievements from more than eight years in office, including the minimum wage rise, pension revaluation, the labour reform and the recognition of the State of Palestine. He told the crowd "compromiso adquirido, compromiso cumplido" and asked for votes beyond the left, from people he described as moderate, constitutionalist and pro-European. He opened the event waving the Spanish flag.

“This is the flag of our country, of our constitution, of women's rights and of our parents and grandparents.”

Taxes on funds and empty homes

The central pledge is a tax increase for large investment funds and large property owners. Sánchez named owners of empty homes, flats used as tourist apartments, and rents he called absolutely unaffordable for the middle and working class. He said:

“We are going to put more taxes on them.”

El País reports that the programme document proposes a progressive tax on homes held by large holders and speculative funds that are not used for affordable rental, including homes used for tourism, left empty or let at abusive prices. Sources at the party headquarters in Ferraz said the measure would not target small landlords. eldiario.es described it as a fiscal reform aimed at owners of several homes.

Housing plan and the eviction crisis

El País reports that the PSOE commits to spending 1% of GDP each year to guarantee access to housing. The aim is to raise public and protected housing to about 8% of the stock within four years, the European average and double Spain's current share. The same newspaper links the housing crisis, personified in a high-profile eviction that shocked Spain, to the decision to call the election. According to El País, three days before the rally the Congress's Diputación Permanente had ratified a ban on evictions and a two-year rent extension with a 2% cap on increases.

Family, civil and constitutional proposals

Sánchez said he would enshrine the revaluation of pensions and women's right to abortion in the Constitution, a proposal he had raised before the rally. He also proposed improving parental leave for children under eight, paying 100% of the reference base for four weeks to mothers and fathers. A new benefit for paid care of children under eight was announced as well. In the Civil Code he plans to add a figure that already exists in the civil codes of Navarre and Catalonia, which he called "unión de amistad" and which would cover people who care for each other. eldiario.es reported that he did not specify whether it would carry labour rights equivalent to those of unmarried couples. Self-employed workers would receive protection through cessation-of-activity and care benefits. LaSexta reported that Sánchez said "queda mucho por hacer" and listed five new commitments.

Energy and corporate tax

El País says the programme backs renewables reaching 81% of electricity generation by 2030, while LaSexta cites a target of 80% of electricity from renewable sources. El País also reports that the PSOE supports effective minimum taxation for large multinationals, especially in the digital economy, in line with the OECD and the United Nations. It notes that the OECD reached an agreement with 136 countries, including the whole G-20, in 2021.

Political context

The programme was presented for the general election of 29 November, and Sánchez made the new measures conditional on winning that vote. eldiario.es reports that he described the agenda of the PP and Vox as a backward step, or involución, and called for protecting the social and democratic gains of recent decades. Sánchez framed the PSOE's proposals as a continuation of his government's record. The ballot is scheduled for 29 November.