From Melbourne to Madrid, housing is shaping modern politics. But who benefits?

Key points

• Spain's Prime Minister Pedro Sánchez has called an early election for November 29 after parliament rejected emergency housing measures. Victorians vote in a state election the day before, with housing affordability also a major issue.
• Across advanced economies, housing anger is shifting political loyalties, especially among younger voters and renters. The analysis says building more homes is the most effective answer, while rent controls and limits on migration treat symptoms rather than causes.
• Promises of quick relief are easier to make than long-term supply reform.