German housing program: 45 billion euros for affordable housing.

The German government announced today that it will allocate 45 billion euros for housing construction. According to Reuters, Berlin will allocate 18 billion euros for affordable housing by 2027, with the rest to be funded by the German federal states and municipalities.

The German government has also indefinitely postponed stricter standards on building insulation, a key request from the construction industry, which argues the measures are too costly. German Chancellor Olaf Scholz said the European Central Bank (ECB) has the right to raise interest rates, but its actions are slowing housing construction.