NESTBAU AG - Rethinking living
nestbau AG was founded in 2010 by Gunnar Laufer-Stark as the first public limited company in the real estate sector oriented towards the common good. The company pools capital from small investors to create affordable rental housing and thus counteract the housing shortage and real estate speculation. In addition to building and letting its own projects, nestbau AG is also active in consulting and project planning for other construction projects oriented towards the common good.
INTERVIEWER
What makes nestbau AG a sufficiency-oriented company?
nestbau AG
One key point is certainly that we deliberately limit shareholders' profit expectations. It was clear from the outset that the aim was not to maximize returns, but to achieve moderate economic development with a social impact. We have always communicated this openly.
This is also reflected in our latest shareholder survey: on a scale of 0 to 10, participants gave social impact an average score of 9.1 points, while financial return only scored 4.5 points. This confirms that our investors share precisely this approach - impact before profit.
"It was clear from the outset that the aim was not to maximize returns, but to achieve moderate economic development with a social impact."
INTERVIEWER
What challenges do you face when implementing sufficiency measures?
nestbau AG
The biggest tension is between social impact and return on investment. We could expand our target group if we paid higher interest rates - but we would be giving up our values in the process. Many investors see their investment more in idealistic terms, which limits the circle of potential participants.
Raising awareness of housing needs is also challenging. When we point out that large apartments are often underused in old age, this is quickly taken as personal criticism - but it's about structures, not individual behavior. And finally, there is the explanatory effort: rising construction costs lead to rents that seem high at first glance. We have to do a lot of convincing to show that communal, barrier-free living is nevertheless fair and sustainable in the long term - even if this work is rarely paid for.
INTERVIEWER
And what do you want from politics?
nestbau AG
Above all, a stronger municipal housing policy. We need more public housing again instead of further privatization.
Secondly, there should be a clearer differentiation in funding programs between profit-oriented companies and public welfare-oriented players, some of which work on a voluntary basis and limit or completely forego profit distributions. This would be particularly crucial in the area of housing promotion, as housing is part of public services of general interest - not a luxury good that can simply be dispensed with.
