Berlin approved the expropriation of 240,000 housing units for speculation with rents

The city of Berlin approved on Sunday September 26 the expropriation of 240 thousand housing units so that the state regulates the real estate market. The capital of Germany advanced towards this measure in the context of the crisis resulting from speculation and concentration on a market where more than 80% of the population rents the places where they live.

The referendum was voted at the same time as the elections which defined the political space which will succeed Angela Merkel, who leaves office after 16 years. With a total of 3,763 polls scrutinized, 56% voted in favor of Yes while 38% said No in the consultation on the expropriation of houses.

High rents and low supply take land away from CABA tenants

The initiative will now go to Senate, which must be ratified if it advances in the expropriation. If he did, he would be covered by the article 15 of the german constitution, which allows the possibility of having “land, natural resources and means of production, which can be placed under a regime of collective property or other forms of collective management by a law which fixes the mode and the amount of the ‘compensation’.

However, there is controversy over the possibility of legal deposits to avoid expropriation. In April 2021, the constitutional Court he had aborted the attempt to cap the price of rents.

Real estate companies targeted by the crisis

The measure would reach businesses that own more than 3,000 properties. In the discussion, real estate German alive It is distinguished by more than 113,000 properties and is said to be one of the main attacks by expropriation.

Germany voted the government that will end the “Merkel era”

Berlin It went from being one of the cheapest cities in the region to a sudden rise in rents, a phenomenon for which citizens blamed companies that own large amounts of real estate. The state of Berlin has already bought 14,750 homes and 450 premises for 2,500 million euros. In 2019 he bought 6,000 real estate homes Aldo Properties.

The objective of advancing in expropriations is to generate state agencies that regulate access to housing in a city where 80% of the population is renter.

LC / FL