Shares in German property companies fell on Monday after media reported the Berl...
BERLIN - Shares in German property companies fell on Monday after media reported the Berlin city government plans a tougher-than-expected cap on rents, below what is currently charged in prime locations.
“Leaked details for the Berlin rent freeze draft law show that this might end up rather as a rent cut than a rent freeze,” analysts with Jefferies said in a note. Berlin’s city government — made up of center-left Social Democrats, the far-left Linke and the Greens — decided in June to freeze rents for five years, heeding complaints from residents that their once affordable city was pricing them out.
Vonovia on Monday repeated its criticism. “We remain convinced that the rent freeze law planned by the Berlin State Government is unconstitutional,” it said.
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