Rising costs hamper housing cooperative development activities Hamburg. Costs have risen to such an extent that “it is no longer possible to build new affordable apartments,” the chairman of the Hamburg Association of Housing Cooperatives, Matthias Saß, told the German Press Agency. Therefore, cooperatives prefer renovations to new buildings.
To cover construction costs without financing, a base rent of around 16 euros per square meter must be taken. “This is difficult to convey to our cooperative members,” said Saß. Cooperatives’ bylaws stipulate that they must offer affordable housing. “A base rent of 16 to 20 euros per square meter cannot be said to be affordable.”
According to the association, around 20 percent of all rental apartments in Hamburg are cooperative apartments. There are a total of 135,000. The average net rent per square meter is 7.10 euros. According to information, the cooperative has 230,000 members.
Hamburg’s First Mayor Peter Tschentscher (SPD) welcomed the German General Shipmasters’ Cooperative at Hamburg City Hall on Tuesday afternoon. The celebration is the 150th anniversary of the cooperative which is said to be the oldest cooperative in Hamburg.
Association Director: The referendum has made the situation worse
The director of the Association of North German Housing Companies, Andreas Breitner, told the German Press Agency that the climate referendum had worsened the situation for cooperatives. Rental prices had to rise by up to four euros per square meter because of the decision. “It’s unaffordable for most of the population.” Hamburg residents decided in a referendum in October to advance the achievement of CO2 neutrality from 2045 to 2040.
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