"The wind is blowing in the face of the entire industry. First and foremost, the interest rate turnaround, but also increased construction costs and a shortage of skilled workers are causing great uncertainty in the market. We are therefore providing greater security and reliability at key points. Our massive increase in housing subsidies means that subsidized housing construction in Hamburg remains lucrative.
And with the declining balance depreciation, the construction and real estate industry once again has more opportunities to better realize privately financed projects in addition to subsidized housing construction. In this way, we are setting an economic framework to turn the tide again on many projects."