"The problem [of housing shortage] must be solved, but we are not talking about stopping the market, which would be absolutely catastrophic. You can't stop foreign investment here [in Madeira], you can't stop real estate, you can't stop all economic activity related to the growth of real estate, because that would be suicide," said Social Democrat Miguel Albuquerque.
The Chief executive of Madeira believes that the introduction of any limits on the value of real estate for foreigners will not be beneficial. In his opinion, "this socialist idea of price control, market control leads to government intervention, which creates market dysfunctions and harms everyone."
Miguel Albuquerque also spoke out against restrictions on short-term rental housing. He said that "it is important for municipal councils to make a decision" by assessing the interests of their cities, and added that rent should be limited only if "it harms the quality of life of the local population." Albuquerque emphasized that renting brings additional income to many families.
The head of the government of Madeira sided with the apartment owners in the issue of eviction of tenants who refuse to pay. He noted that "landlords are not obligated to do the social work of the state," because we live in a state governed by the rule of law, and there is a right to private property.
Source: The Portugal News
