Berlin Banks Warn of US Intervention Over Housing Expropriation
Four Berlin banks have publicly opposed the implementation of the 2021 referendum on expropriating housing from major landlords, warning of potential financial crisis, investor flight, and even US sanctions. The referendum, backed by nearly 60% of Berlin voters, seeks to socialize around 200,000 apartments under Article 15 of the German Basic Law. The banks' intervention comes amid renewed debate ahead of the Berlin state election, with the Conference of State Building Ministers and Bavaria also pushing back against the measure. The banks' warnings have been met with skepticism from proponents who question the validity of their arguments.
Key facts
- Four Berlin banks warned of financial crisis, investor flight, and US sanctions if the city expropriates 200,000 apartments.
- The referendum 'Deutsche Wohnen & Co enteignen' was approved by nearly 60% of Berlin voters in 2021.
- The debate has intensified ahead of the Berlin state election.
- The Conference of State Building Ministers and Bavaria have intervened, with Bavaria seeking to ban the use of Article 15.
- Article 15 of the German Basic Law allows for socialization of property.
- The banks' statements were made in mid-June.
- The banks include Berliner Volksbank and Berliner Sparkasse.
Entities
Institutions
- Berliner Volksbank
- Berliner Sparkasse
- Deutsche Wohnen & Co enteignen
- Conference of State Building Ministers
- Bavaria
- Berliner Abgeordnetenhaus
Locations
- Berlin
- Germany
- United States
- Bavaria