Construction industry chief warns Berlin housing plans are deterring lenders

Berlin’s Left Party has proposed taking over property companies that own more than 3,000 homes.

Construction industry president Olaf Demuth says the plans are already making lenders and investors more cautious.

He warns that less private investment could mean fewer homes are built.

The proposed takeover of 200,000 homes could cost the city €20 billion to €30 billion, he says.