Rent increase notice issued to landlords in Valencia for rent increase

Valencia, Spain — More than 20,000 homes in the Valencia region have been sold off and up to 1,000 new homes have been erected in the area, the state housing authority said on Tuesday.

The city of Valencia has already lost nearly 10 percent of its housing stock to the crisis, which has affected the lives of millions of residents.

More than half of those homes have already been sold and a large part of Valencia’s population has been forced into homelessness.

The city is facing a budget shortfall of some 1.5 billion euros ($2.1 billion) and has been unable to find sufficient funds to provide the public services it needs.