The problem of housing in Spain has reached such dramatic dimensions that it becomes difficult to think about effective solutions. Alejandra Mora (Puertollano, Ciudad Real, 1978), with 25 years of experience in the national and international real estate sector, has put a possible solution on the table in which he blindly trusts. It is novel in Spain, although it has been operating in other countries such as the United Kingdom, the United States or the Netherlands. It wants to convince investors that housing, in addition to a financial asset, can be (must) an asset with social return that helps to solve the housing crisis. «I do not have another way to invest in my head that is not with financial return and social impact,» says Mora. A few weeks ago, a new company whose purpose is to put housing for affordable rental. To achieve this, you need private capital. «The more capital we have, the more operations we can continue seeing,» he says. It already has the first 15 million euros to start the activity: it has acquired 1,442 homes distributed in 16 buildings in Madrid and Catalonia, mostly in advanced construction process. The former will be ready in the last quarter of 2025. «We have two years of tickets of complete buildings until the end of 2027. But that is the initial portfolio, we continue to see more operations,» says Mora. These floors, especially one and two bedrooms, will soon be the new home of more than 3,600 people who will pay limited income, that is, their effort quota will never exceed 35% of their income. «Our purpose is to be between 20% and 25% below the free market.» Until a few novelties if it were not for two issues. One: that park for cheap rent is long term. «The purpose is to be an important provider, holder and housing manager affordable in Spain on a large scale and with a long -term focus. This guarantees the affordability of the tenants and it is demonstrated that the affordability is a mechanism of prevention of exclusion,» says Mora, whose professional career has been linked to the protected rental and in the past promoted the business plan of funds such as Lazora and Tectum. This, he adds, «will generate a triple return: economic, social and environmental.» Dids: it is the first company of the real estate sector with SBIC category (Common Benefits and Interest Societies). «It is a figure created to channel financial investment with social and environmental impact. We voluntarily use it because it does not involve tax advantages,» says the partner. Behind wings are, for the moment, the Nou Lloc Foundation and the Salas Foundation and its family officers, which are the ones that have contributed the capital so that the project to walk. «The problem is that these philanthropic structures stop working at some point if you want to climb them,» Mora explains. Ask. What differentiates wings from other companies? Traditionally in Spain who is working on this are closed investment funds that define an entry and exit strategy and, in addition, they are not hidden. But that does not fit the preservation of long -term housing. The difference with wings is the term evergreen, that is, from the beginning I do not have a forecast to finish this vehicle. Q. Can houses never be sold to speculate? R. Indeed. These homes will not be subject to unplanned or non -visualized divestments, it will not enter a round in which the affordable condition is lost. In the end is a fiducia: the figure of the trustee that retains houses at affordable prices. It is what we need. Many more wings should arise. Mora makes it clear that this is not philanthropy. «This is still an investment, it is not goodism nor is it an activity of foundations.» In fact, the way of attracting private capital is through a socimi (Corporate Society of Real Estate Investment), which will begin to quote predictably at the end of the year. «Despite our social purpose and differential character, we will not stop using the fiscal figure that benefits us most.» The socimis are legally obliged to the distribution of dividends among their shareholders. The jump here is that the founders of Alas and Socimi will reinvest their benefit to continue generating other vehicles. The soils where the first floors are being lifted are public and those who are responsible for building them are non -profit promoters, a rare Avis in Spain. Alas will finance these promoters, who must build at cost price and that are responsible for submitting to public housing competitions, something they do under the same conditions as the rest of the promoters. Mora says he has no more than two or three that he can use now. «It suits me a lot and it makes all the meaning that start to emerge. In the United Kingdom there is the legal figure of the promoter at cost price.» Alas works under the umbrella of public-private policies, so that it is the administration that awards the homes to the tenants. The company will be responsible for the management of all rents through its own technological platform and social accompaniment experts. Would you like to change the way in which housing is understood in Spain? A. I don't want to change, it's complementing. That is, that housing, in addition to a financial asset, is an asset with social return. Capital is here, but it has to start visualizing vehicles in which this is possible. I am convinced that there are family officers investing in real estate who would like to invest with this social purpose. This is how it is done in other countries. Q. Do you think big? Can you imagine Pontegadea, Amancio Ortega's investment arm, investing in wings? R. Yes, in the long term. I see the greats in a few years, when we have achieved reputational control, which is also important. Mora refers to the possible problems and evictions that have to be executed at some point because «there are people who are using the house in a way that is not correct.» The rich are very sensitive to the possible reputation crises. «It is true that there are certain complexes in investing in affordable and social housing in Spain for certain capitals and for certain families. Although I do not conceive that our 1,442 homes will have a problem of inquiocupation if they are well managed.» Q. What do you think has been the greatest error in Spain? R. I believe that in the long run it has not been a mistake. There has been an economic policy, but not a housing policy, and this has generated a middle class with a heritage that is supporting and supporting children and grandchildren. But it doesn't seem to me a mistake. It seems to me that now we have to raise long -term housing policies, not economic policies. And of course have private capital. We do not do this without private capital, but a private capital raised and with purpose.