The Argentine government is selling state-owned lands to major real estate developers, raising concerns about the relaxation of environmental regulations. In Buenos Aires, environmental requirements have been streamlined, allowing multi-family buildings, from two-story houses to 100-meter towers, to be classified as having 'environmental impact without significant effect'. This means they can be approved with a simple sworn statement, without the need for public hearings. The recent sale of a prime 4-hectare plot in Palermo to Consultatio for $127 million is a prime example. The plot was initially valued at $81.8 million, showing the intense private sector interest. A similar trend is seen in Belgrano, where another large plot is up for auction. Major players like IRSA, which previously paid $151.5 million for another state-owned plot, are participating in these auctions, driven by a political climate favorable to such investments. However, these moves face legal challenges. Lawyer Jonatan Baldiviezo warned that the Palermo sale could be unconstitutional, stating: 'It lacks Congressional authorization and is based on a decree from the Macri era that violates the Constitution.'
