First extrapolation for referendum: Berliners vote for expropriation of large landlords

A majority of Berliners voted in the referendum for the expropriation of large housing companies.

This emerges from an initial extrapolation. 

Berlin - At the same time as the Bundestag election * and the Berlin election (you can find the latest news in the ticker here), a referendum was also held in the federal capital.

The initiative “Expropriate Deutsche Wohnen und Co” appears to be a success.

"We are clearly in the lead", quoted the

Rouzbeh Taherier, spokesman for the initiative.

Extrapolation for referendum “Expropriate Deutsche Wohnen und Co”: 57 percent for a socialization of living space

The newspaper reports that, according to the first extrapolation, 57 percent of those eligible to vote in Berlin are for the socialization of companies that own more than 3,000 apartments.

About 38 percent

voted against the referendum.

However, only about 20 percent of the electoral districts have been counted. 

The initiative believes that this will stop the rise in rents in Berlin and secure affordable rents in the long term.

This vote is considered successful if there are more yes than no votes and at least a quarter of the eligible voters vote for it - around 612,000 Berliners.

However, the result of the referendum is not legally binding because the voters do not vote on a specific bill.

Nevertheless, the new Senate and the new House of Representatives will have to deal with the vote, no matter how it turns out.

“Expropriate Deutsche Wohnen and Co”: Large difference in compensation costs

The Senate * puts the compensation costs at 29 to 39 billion euros.

In the case of loan financing, around six to nine billion euros in grants would have to flow from the state budget, it said.

In addition, there would probably be real estate transfer tax and other one-off costs.

The “Deutsche Wohnen & Co. expropriate” initiative, on the other hand, expects costs of around ten billion euros.

Their model provides for the real estate companies to be compensated with bonds, which are then paid for over 40 years from the rental income.