Effectiveness and Equity of Housing Renovation Subsidies: Universal versus Targeted Approaches in Barcelona Mar Esteve-Güell To cite this article: Mar Esteve-Güell (24 Mar 2025): Effectiveness and Equity of Housing Renovation Subsidies: Universal versus Targeted Approaches in Barcelona, International Journal of Housing Policy, DOI: https://doi.org/10.1080/19491247.2025.2458396 Abstract The renovation of housing stock has become increasingly necessary to meet current safety, habitability, and environmental standards. In many European countries, it is actively promoted through financial assistance, primarily by universal grants and subsidies. However, these aids may lead to biased distributions, often favouring higher-income groups. This study examines the differences between universal and targeted housing renovation subsidies in promoting the renovation of deteriorated private multifamily buildings. The research conducts a comparative analysis of two subsidy programmes recently implemented in Barcelona: one universally accessible and another specifically targeting the most vulnerable households residing in buildings urgently requiring rehabilitation. The analysis reveals that the targeted programme, characterised by its proactive approach, higher subsidies, and socio-community support, not only reached properties with the most critical needs but also resulted in more comprehensive renovations and greater investment per homeowner. Additionally, it also achieved significantly higher investment in energy-saving initiatives, although neither programme fully met the EU's energy retrofitting standards. Conversely, universal subsidies were more effective in terms of the number of housing units renovated. These findings suggest that an optimal combination of both subsidy types could achieve equitable distribution and meet the EU’s renovation target of 3% of buildings renovated annually. Keywords: housing rehabilitation; public policy; renovation subsidies; energy renovations; vulnerable neighbourhoods; Barcelona