Berlin approves five year rent freeze to combat rising housing costs

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Berlin For people to get a cheap home to stay, banning for 5 years in Berlin has been banned. The new law was to be effective from January 2020, but as a precaution, it has been implemented since June 18. The Government believes that if the new law is not implemented immediately when the competition for increasing the fare will start in the landlords. People already troubled will have to face more difficulties.

Shares of companies related to private properties fall

As soon as the new law comes into effect, the shares of companies related to private property have fallen flat. The share of Grand City Properties dropped 0.8%, while Dutch Woehan’s stock plummeted by 1.25%. Dutch Woehan chief Mikhail Jane dismissed those fears while talking to those investors, which feared that their assets could be seized.

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People warned Chancellor Angela Merkel

People are demanding that the government take over those 2.5 lakh properties, which are operating by corporate companies. Germany’s Chancellor Angela Merkel had met the workers last week, who are protesting to increase the rent. They said that very few people in Berlin have their own houses.

During the meeting, the German Tenant Association chief Franzjerg Reps warned Merkel that people’s faith is rising from the government. They have to take any concrete steps to curb rent. People were assured that the government would consider making a law to curb the rent of houses.

Rent increases after 2008

After the one in East and West Germany in 1990, houses were available at affordable rates to the students, but after 2008 the situation became uncontrollable. Since then, the rent has more than doubled to 2019. People are coming to Germany from heavy to Europe. Because of this, landlords are not doing enough to increase their rent.

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