Berliners to Vote on Expropriating 220,000 Apartments for Affordable Housing
Berliners will vote on September 26, 2021, in a referendum to expropriate real estate of private corporations with more than 3,000 apartments, known as 'Deutsche Wohnen & Co enteignen'. Four years after winning the referendum, the initiative presents its first draft of an expropriation law, aiming to transfer around 220,000 apartments to communal ownership for affordable housing. The initiative's law specifies the process and timeframe for the takeover by the public utility carrier, with regulations for the interim period. It will expropriate real estate of private, profit-oriented corporations that exceed the threshold, with a self-retention provision to prevent corporations from avoiding the threshold. The initiative is engaging in dialogue with associations, parties, and the public to improve the bill before presenting a final version. The compensation model for corporations will be below market value, with an average of 40 to 60 percent less than the properties' market value. The compensation will be paid off over 100 years by a public utility carrier through the issuance of interest-bearing bonds, without burdening Berlin's budget. Activists Louise Rudolf, Lara Eckstein, and Justus Henze have been volunteering in press and public relations work for several years, pushing for the implementation of socialization to address the housing crisis. The initiative's expropriation law aims to transfer around 220,000 apartments from private corporations to communal ownership, ensuring affordable housing in the long term. Berliners will have the opportunity to vote on this significant housing policy change on September 26, 2021.
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