The contradictions of market social housing in Brussels: social rental agencies between social mission and assetisation

Governments worldwide are reconfiguring social housing as 'affordable' housing delivered by private landlords. The Belgian version of this 'market social housing' are social rental agencies (SRAs), which manage below-market rental housing on behalf of private owners. In exchange for offering reduced rents, landlords benefit from state de-risking. In Brussels, 24 SRAs manage nearly 8,000 units. Over the past decade, the private real estate sector has increasingly recognized SRA housing as a viable investment model. Developers construct Build-to-Rent projects for SRAs, agencies sell apartments managed by SRAs, and Buy-to-Let (BTL) and institutional investors let their properties through SRAs. Although the SRA model was not designed to assetise and financialise affordable housing, its current design does result in the financialisation of affordable rental housing. However, this process remains partial and limited, rendering market social housing a constrained financial asset. The state plays a multifaceted role—as regulator, market maker, mediator, and sometimes investor—highlighting its centrality in both enabling and sustaining housing financialisation. Investment returns rely heavily on public support, and in periods of economic strain, expanding subsidies becomes essential. The Brussels case thus illustrates how market-based social housing models can advance financialisation, even while relying on continuous and active state involvement.