For years, Germany has been facing a serious real estate crisis. Throughout the country, one million new homes are needed, according to expert estimates. Apartment shortage in large cities has so increased pressure on the government that in a new reform package, Chancellor Friedrich Merz has committed to creating a state agency dedicated to building affordable housing. It will be accompanied by a law that halts the Berlin city government’s plans to convert certain private rental properties (Germany is known for its large private rental companies that manage thousands of homes) into public housing. The federal government says this could impede private construction. There are doubts as to the effectiveness of these proposed measures.
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