---
title: "The government is making the housing crisis worse | Petri Roininen | Negotiator 202"
titleOriginal: "Hallitus pahentaa asuntokriisiä | Petri Roininen | Neuvottelija 202"
episodeNumber: "202"
guest: "Petri Roininen"
datePublished: 2023-07-11
duration: "39:02"
youtube: "https://www.youtube.com/watch?v=8dfgHknS2n8"
originalLanguage: "fi"
topics: ["finnish_economy_policy","investing_markets"]
subtitleMethod: "none"
provenance: "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the publisher's own chapter marks, translated one for one; their spacing is irregular and matches the recording. No transcript is published here — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The guest leads a listed property company and has a direct commercial interest in housing policy and interest rates, and no opposing voice is present; the long-form write-up in the Neuvottelija AI editions states that."
fiCanonical: "https://www.neuvottelija.fi/fi/episodes/301-hallitus-pahentaa-asuntokriisia-petri-roininen-neuvottelija"
canonical: https://www.neuvottelija.com/podcast/episodes/ep202-hallitus-pahentaa-asuntokriisia-petri-roininen/
---
# The government is making the housing crisis worse | Petri Roininen | Negotiator 202

English subtitles are not available on this page. This is an episode summary, not a curated transcript.

## Chapters

- [00:00](https://www.youtube.com/watch?v=8dfgHknS2n8&t=0s) Petri Roininen returns as the channel's first ever guest
- [01:10](https://www.youtube.com/watch?v=8dfgHknS2n8&t=70s) The government programme dismantles housing subsidies but not housing taxes
- [02:57](https://www.youtube.com/watch?v=8dfgHknS2n8&t=177s) The total tax rate and public debt over the term
- [04:07](https://www.youtube.com/watch?v=8dfgHknS2n8&t=247s) Selling the state's listed holdings, and rail investment
- [05:51](https://www.youtube.com/watch?v=8dfgHknS2n8&t=351s) The culture war distracts from fixing the economy
- [07:05](https://www.youtube.com/watch?v=8dfgHknS2n8&t=425s) Euribor rose: a monthly payment from a thousand euros to 1,800
- [08:16](https://www.youtube.com/watch?v=8dfgHknS2n8&t=496s) Purchasing power collapsed and the housing market stopped
- [09:12](https://www.youtube.com/watch?v=8dfgHknS2n8&t=552s) A different crisis from the financial crisis
- [10:06](https://www.youtube.com/watch?v=8dfgHknS2n8&t=606s) Does housing benefit end up in rents
- [11:08](https://www.youtube.com/watch?v=8dfgHknS2n8&t=668s) Pressure for a 20 per cent rent rise
- [14:03](https://www.youtube.com/watch?v=8dfgHknS2n8&t=843s) Housing company loans and the trap in amortisation-free periods
- [16:38](https://www.youtube.com/watch?v=8dfgHknS2n8&t=998s) A banker's view of falling collateral values
- [18:42](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1122s) Lending restrictions arrived at the worst moment
- [19:18](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1158s) Support for right-of-occupancy housing ends
- [20:41](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1241s) The four cornerstones of housing policy
- [21:40](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1300s) The municipalities' vertical cartel in construction
- [22:58](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1378s) Property funds and the listed property sector
- [24:43](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1483s) Finland's 300,000 housing investors under test
- [26:25](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1585s) Commercial property and offices after remote work
- [29:07](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1747s) The zoning authority decides everything about a building
- [31:35](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1895s) A creeping crisis, not a collapse
- [32:46](https://www.youtube.com/watch?v=8dfgHknS2n8&t=1966s) Construction bankruptcies and unemployment in the autumn
- [33:50](https://www.youtube.com/watch?v=8dfgHknS2n8&t=2030s) ECB rate cuts as the only fast rescue
- [34:32](https://www.youtube.com/watch?v=8dfgHknS2n8&t=2072s) Public finances must be managed regardless of the cycle
- [36:23](https://www.youtube.com/watch?v=8dfgHknS2n8&t=2183s) Why Roininen joined the Centre Party
- [38:34](https://www.youtube.com/watch?v=8dfgHknS2n8&t=2314s) Closing words

## Summary

Petri Roininen, chief executive of Investors House and the channel's very first guest, joins Sami Miettinen in July 2023. The claim is narrow: the government is dismantling housing subsidies without cutting housing taxes, and on top of the rate shock that reinforces a downward path. Around it sit the trap in amortisation-free periods on housing company loans, the municipalities' vertical cartel in zoning, the 300,000 Finnish housing investors being tested by the rate rise, and a creeping crisis rather than a collapse. The guest runs a listed property company.

## The asymmetry

The claim is narrower than the title: not that housing policy is wrong in general, but
that subsidies are being cut while the taxes on housing are not, so the two do not offset
— and that this lands on top of a rate shock that has already moved a typical monthly
payment from a thousand euros to 1,800.

## The two structural observations

Amortisation-free periods on housing company loans postpone the problem into a period of
lower collateral values, which is when it is hardest to refinance. And zoning gives
municipalities a position over almost every feature of a building — a competition
question that is rarely framed as one.


## Watch

The recording lives on the Neuvottelija channel: [Hallitus pahentaa asuntokriisiä | Petri Roininen | Neuvottelija 202](https://www.youtube.com/watch?v=8dfgHknS2n8).
A Finnish edition of this episode is published at [www.neuvottelija.fi](https://www.neuvottelija.fi/fi/episodes/301-hallitus-pahentaa-asuntokriisia-petri-roininen-neuvottelija).

## In depth

The Neuvottelija AI editions carry a long-form write-up of this episode:
[English](https://www.neuvottelija.com/ai/ep202-hallitus-pahentaa-asuntokriisia-petri-roininen/) · [suomeksi](https://www.neuvottelija.fi/economy/ep202-hallitus-pahentaa-asuntokriisia-petri-roininen/).

---

Cite as: Sami Miettinen, Neuvottelija — The government is making the housing crisis worse | Petri Roininen | Negotiator 202, https://www.neuvottelija.com/podcast/episodes/ep202-hallitus-pahentaa-asuntokriisia-petri-roininen/, 2023-07-11. For quotes include episode 202 and timestamp.