Approximately 4,000 people live on the streets of Buenos Aires, a city where undocumented workers and recent immigrants gathered in front of Congress to celebrate Christmas, raising plastic glasses and facing an uncertain future. The image lingered in the minds of locals and visitors alike: would the next holiday be spent outdoors, without a place to shelter, as rents continued to soar and housing markets remained precarious? In a metropolis of three million residents, four million commute daily from surrounding areas, and there were 228,000 vacant homes, up 14 percent from the previous year.
Across the political spectrum, the Milei government faced intense scrutiny over a decree that included hundreds of measures, among them the repeal of the Rental Law. Property owners criticized the regulation, while landlords hesitated to place flats on the market because of a regulatory challenge that caught many by surprise. With annual inflation running high, rental updates historically occurred each year, eroding the value of renting in dollars or pesos alike. The House of Representatives proposed changes to ensure prices were reviewed periodically, with payments ideally made in the national currency, yet the overall housing outlook did not improve.
Today the landscape has shifted dramatically. Landlords and tenants can negotiate freely about lease duration, currency of payment, the frequency of rent adjustments tied to living costs, and who bears the regulatory and tax burdens. The owner now holds unprecedented leverage to end a contract. In reality, the market did not wait for formal repeal to take shape; contracts are signed or renewed based on verbal agreements, while the dollar’s role rose as a reference exchange rate on the informal market. Tenants facing renewals received stark reminders: those who do not meet the new terms risk losing their homes, including the possibility of paying in a different currency. Many residents, especially young people, lack access to such conditions and, as one Argentine proverb notes, must return to the modest homes of their elders or find roommates to share costs.
Surprise and surrender
People seeking guidance report tears and uncertainty as they search for housing. “I have never seen this level of desperation in years,” said Gervasio Muñoz, president of a tenants’ rights group that provides legal aid. Another organization, a civil tenants coalition, filed a legal challenge arguing that the decree violated constitutional procedures. The outlook is grave and could trigger serious consequences, according to Sebastián Artola, a leader of a similar advocacy group. He described the changes as a disruption to access to rental housing and labeled the decree as a move favoring real estate developers and large economic interests, regardless of how it is framed.
The pattern repeats as a tenant sits in limbo, unsure whether to stay or leave a rental, fearing what new conditions might be demanded. Market prices have shot up, with asking rents and sale prices climbing steeply since late December. Renting could become a one-way path toward unaffordability. A study by legal and social research centers and universities shows that salaries often fail to cover renting costs, and a large share of tenants accrue debt just to keep housing. Urban poverty has risen beyond previous thresholds, compounding the crisis.
Against this backdrop, the Christmas scene near Congress is seen by many as a troubling forecast for those who cannot secure rental housing. With currency devaluations and inflation expected to accelerate, thousands of people are sleeping on sidewalks, in squares, and in public spaces across the city. Experts warn that the situation could worsen, not only in the capital but in other areas where housing access remains limited. Family hotels near major terminals, shared accommodations, and social assistance programs have become critical for many, painting a stark portrait of an underground living arrangement and the challenges of ensuring safety, dignity, and basic shelter in a time of economic strain. Citation: CELS, ACIJ, and the Institute of Geography at the University of Buenos Aires.