Summer Series: Taking on Blackstone – Denmark’s Housing Minister Lays Down the Law
It's summertime in Sweden and Canada, and that means it's time for Pushback Talks - Summer Series! And we're doing things a little differently this year. For the next six weeks, we'll revisit some of our favorite episodes from across all six seasons, giving you updates on the guests and topics at the top of each episode.
The Filmmaker and the Advocate are taking a break, but the podcast isn't. No matter where you are - we hope you enjoy this year's Summer Series!
In this episode, we look back at Fredrik and Leilani's 2021 conversation with Denmark’s then Housing Minister – Kaare Dybvad Bek – one of the few politicians in the world to have had the courage to take on Blackstone and other institutional investors. With Copenhagen being dominated by private equity, pension funds, and asset management firms, the Minister took matters into his own hands. Despite considerable pressure, a Parliamentary Committee launched an investigation into the matter and successfully put forward ground-breaking legislation aimed at keeping big finance out of Copenhagen’s housing market.
Known as ‘Lex Blackstone’, the legislation put a 5-year ban on renovations and rent increases for new owners and strengthened tenants' rights. The legislation had its intended results: fewer institutional investors and a significant decrease in property prices. Denmark’s legislation still offers inspiration and stands as a model for advocates and politicians across the globe, even years later.