Vienna Austria, Renter's Paradise

New York Times has a good article on the housing market in Vienna Austria. About 50% of Vienna residents live in subsidized public housing – and about 80% of the population is eligible for subsidized public housing based on their income if they want it. Some of the places look like the Ritz-Carlton with large rooftop swimming pools, like Alt-Erlaa.

Also interesting that many middle to upper-middle class residents opt to stay in their public housing rather than transition “to the dignity of private equity managed, for profit housing with a big skim rate to their capitalist overlords” {intercst editorializing)

“Over the course of the last 44 years, as she continued to teach English to fifth through eighth grades, Eva’s rent increased almost fivefold, to 270 euros from 55, but her wages increased more than 20-fold, to 3,375 euros a month from 150. Viennese law dictates that rents in public housing can increase only with inflation, and only when the year’s inflation exceeds 5 percent. By the time she retired in 2007, Eva’s rent was only 8 percent of her income. Because her husband was earning 4,000 euros a month, their rent amounted to 3.6 percent of their incomes combined.” {I wonder home many Americans have housing costs of 3.6% of income or less? Even if you’ve paid off your mortgage, in many areas property taxes, insurance and maintenace costs are substantial.}