Housing protection initiative: prohibiting construction instead of promoting it 

The Zurich housing protection initiative promises ‘affordable rents’, but in reality it puts a regulatory cap on demolition, conversion and renovation – even extending to state-dictated rents. Investments become unattractive and energy-efficient renovations are postponed. A glance at Basel-Stadt is warning enough: since the introduction of the housing protection ordinance there, building applications have plummeted – by up to 76%. 
Instead of creating new living space, projects are being prevented or put on hold. Institutional investors are already avoiding Zurich; only the city itself continues to buy – at prices that defy all market logic. Even overpriced properties can still be paid for with taxpayers' money. 

In addition, municipalities are to be granted the right to exercise a municipal right of first refusal when land is sold. What is being sold as an ‘opportunity’ is in reality an encroachment on property rights. Many municipalities do not have the legal and financial authority to make such purchases without a referendum; the spending limit is often between three and five million Swiss francs. There is a wide gap between reality and ideology. 

JUSO inheritance initiative: attack on assets and succession 

At the federal level, meanwhile, nothing less than the economic substance of the country is at stake. The JUSO inheritance initiative wants to impose a 50% tax on inheritances and gifts worth 50 million Swiss francs or more – earmarked for climate policy. Politically, this sounds like a blow to the super-rich, but in fact it affects family businesses, landowners and companies whose assets are tied up in real estate or means of production.  
This tax would also apply to gifts that are added to the estate. As a result, many heirs would have to sell businesses or properties to generate liquidity. Jobs, investments and location security would be sacrificed for symbolic politics. The climate goal may sound noble, but it does not answer any of the key questions: How does growth come about, and how do we finance the transition if there is a threat of capital flight? Value creation does not come about through fiscal breaks, but through trust, planning security and investment. 

Both initiatives are based on the dangerous illusion that social justice can be enforced through ever more regulation and tax pressure – without destroying supply and investment. The housing market needs more construction, not more obstruction: faster procedures, clear rules, activated building land reserves. Climate policy needs billions in private investment, not mistrust of entrepreneurs and property owners. 

Anyone who knows Zurich knows that prosperity is not a zero-sum game. It arises when performance is rewarded, property is protected and investment is welcome. The 2025 autumn elections will be a litmus test: will we focus on freedom and responsibility – or on bans and resentment? 

After Halloween is before Halloween 

And that was just the beginning. Further initiatives from the left wing are already in the pipeline:

• Housing initiative: The state itself should become a real estate investor – with guarantees, loans and a new housing association. But the state is not a builder: it already fails in terms of cost and efficiency when it comes to renovating swimming pools or schools. 
• Housing protection initiative (rent cap): This initiative calls for rent caps after renovations, barriers to eviction and even rent caps when the vacancy rate is below 1.5%. This is a massive encroachment on property rights – and a clear signal to investors to avoid Zurich in future.