Venezuelanalysis.com reported on March 29 that the mayor of Greater Caracas, Juan Barreto, has announced that the city will confiscate some 400 buildings and sell them to the people currently renting apartments within them.
“All good rented buildings that were constructed between 10 and 30 years ago, or longer and of which the sum of the rental contributions has been, when totalled up, more than five times the value of the building, [will be] expropriated”, Barreto told Union Radio. “The business of renting is legitimate, but it can’t be indefinite because eventually it becomes predatory.”
Chavez added, “Many people are owners of a number of houses, for example, five homes, because they are people who dedicate themselves to acquiring homes” with the intention of making a profit on the housing market. “If someone refuses to sell, except at a fabulous price, somewhere in the stratosphere, we will expropriate, and pay the real value.”