Voters in Berlin on Sunday voted to pass a ballot initiative calling for

the expropriation of large real estate

and commercial

companies

and for a new public housing company to manage the rents.

With more than half of the votes verified,

this Sunday's

referendum

has ended with 57% in favor of the measure and 38% against, according to electoral officials.

These real estate companies have

more than 3,000 flats in the capital

, and based on this initiative some of them would be "socialized" or placed in the hands of public management.

This would affect

around 240,000 apartments

, around 15% of the Berlin housing stock.

In return, the companies would be financially compensated with settlements that are estimated to reach

13,700 million euros

.

However, this vote

is not legally binding

, although it will serve as a measure of pressure for Berlin legislators to address this issue, which is a point of conflict in a city that fights against gentrification and the increase in rent prices.

The initiative

'Deutsche Wohnen & Co',

which promoted the referendum, believes that the measure will be able to stop the increase in rents and ensure affordable prices in the long term.

Even so, we will have to wait until this afternoon to know the final official results of the vote.

According to the criteria of The Trust Project

Know more

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