LUCRATIVE GENTRIFICATION SCHEMES
Keep in mind that affordable housing is different from social housing. While affordable housing aims to provide homes at prices below the market rate, access to it is less strictly regulated. This often leads to the question, "Affordable housing, but for whom?"
A few years ago, a housing development was built along the canal in Brussels, near the well-known redevelopment project "Tour and Taxis." Part of this development was meant to offer affordable housing units, which are apartments sold below market price. However, just before the official release of these units, most of the affordable housing was sold, but not to eligible buyers. Instead, these units were pre-sold to local business owners around the development.
Essentially, the affordable housing was treated like a private auction market.
In summary, the authorities labeled this as a lucrative profit-making scheme verging on illegal activity, while the developer argued it was a loophole in the system, asserting their right to choose when and to whom they sell the units.
It is crucial to note that the developer's name was "extensa."
Today, a few years after this "small" scandal, a new housing project has been announced in the same neighborhood. The developers of this project promise to ensure a portion of affordable housing.
Interestingly, the developer's name is "nextensa."
Sounds familiar, right? This name is super similar to the name from the above appointed developer, "extensa."
If you visit the "nextensa" website, you'll discover that the company was formed through a merger with the former development company "extensa."
We lack the time and resources to investigate why this company rebranded while continuing to operate in the same neighborhood, nor do we intend to assign blame.
The main point is that despite numerous laws, regulations, and complex bureaucracy, we still struggle to find effective methods to provide housing for those who need it most.
On the following link you can read more about this scandal documented by the local news media BRUZZ.
Voorverkoop van betaalbare flats aan 'close circle' stuit op kritiek | BRUZZ