Manuel B. Aalbers

Delivering affordable housing at scale requires more than political commitment. It demands financing models that can mobilise public and private capital at sufficient volume, distribute risk appropriately, and keep homes affordable over time. As public budgets alone are often insufficient, the session will focus on how cities, development banks and investment institutions can combine funds, guarantees, and public-private partnerships to make projects viable, manage risk, and ensure that investment supports long-term affordability rather than short-term market dynamics.

Drawing on a study conducted for the European Parliament, this keynote will examine the different forms of rental housing speculation across Europe and their implications for housing affordability. It will explore the role of housing financialisation and large publicly listed landlords in shaping European housing markets, highlighting the challenges of balancing investment dynamics with the need for affordable housing. The presentation will introduce four key pathways towards greater affordability: strengthening financial regulation, reinforcing institutions capable of delivering affordable housing, regulating speculative practices, and improving coordination at the EU level. These perspectives will provide a framework for reflecting on the policies and institutional responses needed to address Europe's housing affordability crisis.