A/HRC/37/53 130. In Lima, regeneration efforts have been led in the Rimac area through partnerships between community residents’ associations and private developers. 56 The community associations identify private developers to buy historic houses. The buildings are then reconstructed in order to provide subsidized units to current residents and market-rate units to new buyers.57 J. Principle 10: implement international cooperation and assistance 131. Housing strategies are primarily focused on realizing the right to housing within States and ensuring that domestic policies and programmes are designed and implemented to ensure adequate housing for all, in line with commitments made in the New Urban Agenda and the 2030 Agenda. At the same time, however, States must recognize that many of the challenges addressed in housing strategies are global in nature and also require international action. 132. Article 2 (1) of the Covenant recognizes the international dimension of the obligation to progressively realize Covenant rights, stating that States must take steps, individually and through international assistance and cooperation, especially economic and technical. The Committee on Economic, Social and Cultural Rights has recognized that a State is not in compliance with its international human rights obligations with respect to housing where its development assistance has resulted in the violation of the right to housing in another country. 58 Housing strategies should embrace the international dimensions of the right to housing by strengthening commitments to international cooperation and assistance and facilitating shared action to address global challenges. 133. Rather than facilitating the realization of the right to housing, development assistance often impedes it. Funding continues to be provided for infrastructure projects that result in forced evictions, and to support the financialization of property and housing, which leads to speculation and unaffordability. Instead, innovative models of technical and financial assistance should be adopted to support community-driven in situ upgrading, drawing on models of collective title and cooperative ownership. States receiving development assistance should insist that it be provided in a manner that supports and facilitates the implementation of housing strategies. 134. International financial institutions have frequently imposed deregulation or austerity measures that undermine housing strategies as a condition for loans or projects. States required to borrow from international or regional lenders should negotiate terms and conditions that support their housing strategies and should not accept conditions on loans that would result in violations of the right to housing. 59 Expedited complaints procedures should be available to contest imposed conditionality that is contrary to human rights obligations. 135. Unprecedented capital flows and the financialization of housing in “global cities” turn housing assets into internationally traded commodities. Housing strategies should ensure transparency and accountability of investment firms and funds, real estate investors and other corporate actors. They should engage with international initiatives such as the United Nations Global Compact to promote investment and business practices consistent with sustainability and the right to housing. They should ensure that national financial institutions, securities and capital markets are regulated in a manner that promotes the right to housing and should push international bodies such as the International Organization of Securities Commissions to develop and promote standards to support the right to housing. 136. International tax havens and lack of transparency in real estate investments deprive governments of resources that would otherwise be available for the implementation of housing strategies. States should work collaboratively on measures such as a global 56 57 58 59 Ibid., p. 30. Ibid., p. 31. See E/C.12/DEU/CO/5 para. 11. See E/C.12/2016/1, para. 4. 19