The construction market is heavily regulated in Germany. The government is actively suppressing the creation of supply by issuing permits very slowly (or not at

The construction market is heavily regulated in Germany. The government is actively suppressing the creation of supply by issuing permits very slowly (or not at all) due to zoning laws and similar bureaucracy, or due to financial reasons: in a lot of places, the city itself is already the biggest owner of housing. They would reduce the value of their own assets.