Why is Spain considering a 100% tax on homes bought by non-EU buyers?

Spain is planning a raft of measures to address its brewing housing crisis, including an up to 100% tax on properties bought by people who are neither citizens nor residents of the European Union. Spanish Prime Minister Pedro Sánchez announced the plan this week to tackle housing affordability and high rents in the Southern European nation. He said the overall goal was to provide “more housing, better regulation and greater aid.” However, it remains unclear if the plan put forth by Sánchez’s minority coalition would pass in parliament.