Spain could pay $290 to under-35s to leave parents’ home – Business Insider

  • The Spanish president said under-35s could be paid $290 to move out of their family home.
  • Under Pedro Sanchez’s plan, low earners could receive the payment for two years. 
  • The country suffers from high rental costs and unemployment levels, which makes renting difficult.

Young people in Spain could be paid $290 to move out of their parents’ home, under proposals put forward by President Pedro Sanchez. 

Speaking at the Spain Urban Forum on Tuesday, Sanchez, who is the leader of the Spanish coalition-government, revealed plans to combat high rents and make it easier for low-earning young Spaniards to find a house of their own. 

The plans could see people aged between 18 and 35 with an annual income of less than 23,725 euros ($26,900) — roughly ​​€1,977 ($2,285) a month — be paid 250 euros ($290) a month to put towards their rent, per a post on the Spanish presidential website.

The “youth bonus” would be distributed by Spain’s autonomous regional authorities, according to the BBC. These authorities would decide exactly how it is paid, and would last for up to two years, the BBC reported.

​​”We are talking about a fair economic recovery and this means facilitating access to housing, especially for those who are most vulnerable to precariousness, such as our young people,” Sanchez said at the forum, according to the post. 

At 33%, Spain has one of the highest levels of unemployment for under-25s in Europe. High levels of property ownership can price renters out of the market, particularly in big cities such as Barcelona and the capital Madrid.

The proposal comes alongside separate plans for a wider 2 billion euro rent-control bill, agreed in a cabinet meeting the same day. 

It could see rent caps for landlords who own more than 10 properties, as well as setting aside more social housing for renters, rather than selling it cheaply. It also proposes tax deductions for landlords who cut their rents. 

Ministers for the coalition government — which is made up of Sanchez’s Socialist Party and the left-wing Podemos party — said they would publish more details in the next few days, according to Reuters. Any bill would then need to get through parliament. 

The Spanish government has been known for its progressive social policies. In March the Spanish government agreed to set aside funds to trial a 4-day week in the country. 

Ministers have also suggested that the country could establish a permanent basic income in order to help people get back on their feet after the coronavirus pandemic. 

In May 2020, the country introduced a means-tested ‘minimum vital income.’ Low-earning families or single habitants between the age of 23 and 65 can apply for a monthly benefit of ​​between 462 euros ($534) and 1,100 euros ($1,271).

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Spain could pay $290 to under-35s to leave parents’ home – Business Insider

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