Overview
- Commissioned by Deutsche Wohnen & Co Enteignen, the study models refinancing from rents and operations without ongoing budget support for transferring roughly 240,000 apartments into public ownership.
- The authors calculate a central compensation range of €10–17 billion, with scenario results spanning €3.2–€25.6 billion depending on rents, operating costs and long-maturity financing mixes.
- Prepared by city sociologist Andrej Holm and banker Friederike Thonke, the paper is presented as a debate contribution and cautions that large refinancing volumes and forecast uncertainty could shift the outcomes.
- The analysis disputes a 2024 Landesrechnungshof approach that found sums above about €11 billion would require subsidies and that raised constitutional objections to low-compensation models.
- DWE is advancing a direct law referendum after stalled implementation of the 2021 vote, with its draft proposing compensation at 40–60 percent of market value for around 220,000 units financed via long-term bonds, though a ballot date is not set.