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Germany: Berlin locals vote to expropriate real estate giants
by johan

    The vote was the result of a grassroots campaign to "Expropriate Deutsche Wohnen and Co." A successful vote would open the way for the Berlin Senate to devise a law that would allow for expropriation of real estate companies with more than 3,000 housing units. Companies would be reimbursed for the properties at a rate "well below market value," according to the campaign.

    The vote came after German's constitutional court overturned a rent cap introduced in the capital city by the ruling left-leaning coalition. Housing and rental prices have been a major issue for Berlin residents because of high prices.

    Campaigners believe that the legislation would be constitutionally compatible with Germany's Basic Law under the never-before-used Article 15, which states: "Land, natural resources and means of production may, for the purpose of nationalization, be transferred to public ownership or other forms of public enterprise by a law that determines the nature and extent of compensation."

    "It isn't binding, but the next state legislature will have to debate it. As housing crisis puts pressure on renters, expect pressure to stay on pols to do something about it," tweeted DW reporter William Glucroft.