Gortázar (CaixaBank) warns that homelessness can become a “first-order social problem”

The CEO of CaixaBank, Gonzalo Gortázar, has once again stressed that the housing crisis in Spain can entrench itself and become a “social problem of the first order.” “The bank finances in a healthy way with reasonable loans, but there is more demand than supply and it is necessary to rebalance the market with more housing,” commented the manager during an event organized by Nueva Economía Fórum.

Gortázar thus warns that the situation can worsen if the supply does not increase. “The risk of price tension and deterioration in accessibility is happening,” he said, after appealing to the CIS, which lists it as the main concern, especially among younger groups, who have worse access conditions. The bank’s chief executive has given as an example the gap in average wealth between those over 74 years of age compared to those under 35 years of age, a differential that has multiplied by eleven over the last two decades. “We must resolve this difference,” he stressed.

“Building homes is not that complicated. We already did it fifteen years ago and too long (…). If we do not fix it, it will become a bottleneck for economic growth,” he warned after highlighting that entities are financing credit for housing in a healthy way and with the most competitive conditions in Europe, despite the fact that the number of newly created homes exceeds the number of houses on the market. “There is a problem of coordination of the administrations,” he expressed after focusing on the need to liberalize land processes for developers.

Likewise, Gortázar has spoken about the participation of the Spanish State in the capital of the bank, of which it controls around 18% through the FROB, to remember that the sale of its participation depends on them. “The State must decide how and when they will exit,” he stated after pointing out that the regulations require it to divest at the latest in 2027. “We have two shareholders of different natures. CriteriaCaixa, with a vocation to remain; and the FROB, which must exit in 2027,” he stated. The Spanish Government has extended its presence in the capital up to five times. The last extension of the term was approved last February for a period of two years.

When asked about banking consolidation, Gortázar highlighted the merger undertaken with Bankia, as an example that integrations generate value and can be done in a friendly manner. “This does not imply that all entities and all markets have to undertake a corporate movement,” he stressed.