A/HRC/10/7 page 15 economies have suffered in the international credit crunch also because of their reliance on foreign capital to fund growth in domestic financial markets.50 The World Bank is now suggesting that, in developing countries, housing policies for low and moderate income groups should not be excessively weighted towards owner-occupied solutions and that “Households with low and uncertain incomes may be better off renting than owning housing that meets standards for health and safety. If subsidies are provided, they should be available for either ownership (for example with down payment assistance) or rental (for instance with rental vouchers), and in either case for new or used units. There should be balanced protections in law for mortgage lenders and borrowers, and for rental landlords and tenants. Tax treatment should not unduly favour owning or renting.”51 42. In parallel to the reductions in public housing, tenant protection legislation was revised in some developed and developing countries. For instance in Canada, tenant protection and rent regulation law were terminated in 1998 in Ontario, which may have led to an increase in evictions. 52 In Spain, the liberalization of rental contracts initiated in 1985 by the Boyer Act, and continued in 1994 by the Urban Rental Law (Ley de Arrendamientos Urbanos), aimed at facilitating the renting of homes by owners. However, it seems that this measure has not been fully productive or acted as an incentive to the rental market, while it has possibly negatively affected security of tenure.53 D. Commodification of housing 43. The reduction in the management of public housing by the State and the shift of housing provision solely to the private market has facilitated a perception of housing as a mere good that can be bought and sold like many others - an object of consumption. Considered as a commodity and a financial asset, other dimensions of the right to adequate housing have been completely neglected, with significant consequences for the enjoyment of human rights for all. Scholars have pointed out that globalization has accentuated the commodification of housing.54 44. Escalation of housing and rental prices are the normal response of the market to imbalances between supply and demand. In theory, the market should adjust through an increase in supply and a subsequent decrease in prices. Unfortunately, there is a wide gap between theory and the reality. 50 See footnote 6 above, p. 32. 51 See footnote 6 above, p. 33. 52 In Ontario, 66,746 renter households were reportedly evicted in 2006, an increase of 21 per cent since 1998 (Wellesley Institute, submission to the Universal Periodic Review, August 2008). 53 54 A/HRC/7/16/Add.2, para. 29. P. Marcuse, “Neo-liberal globalization and national housing policy”, paper presented at the European Network for Housing Research Conference, 2002.