Berlin city government's plan to freeze rents for five years will hit renov...
MUNICH - Berlin city government’s plan to freeze rents for five years will hit renovations, but won’t force Vonovia to change its profit forecast, the head of the German property company said.
Vonovia CEO Rolf Buch said his firm would not suffer financially from the rent freeze proposals, pointing out that only 10% of Vonovia’s 400,000 apartments are in Berlin. Shares in German property companies, including Vonovia, dropped sharply on the day the plans first became known. He added that stagnating rents would result in the cooperatives slashing maintenance costs, resulting in a decline in the quality of living.
“It will make Berlin top the charts for environmental sins in Germany,” Buch said.Renovations to adapt homes for older people - a growing need in a country with an aging population - would also be hit, he added. Since then, landlords increasing rents are not allowed to make rents more than 10% higher than the local average unless previous tenants had paid more.
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Berlin is freezing rents for the next 5 years, and it's a major step in the city's efforts to prevent an increasingly serious housing crisisGermany is dealing with a shortage of affordable housing. The government hopes to build 1.5 million affordable units by 2021.
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Berlin is freezing rents for the next 5 years, and it's a major step in the city's efforts to prevent an increasingly serious housing crisisGermany is dealing with a shortage of affordable housing. The government hopes to build 1.5 million affordable units by 2021.
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