UBS's plan to demolish a housing estate in Zurich has caused public outcry.
The estate, known as Heuried-Küngenmatt, consists of low-cost apartments that will be replaced with a new building featuring 149 units. This decision has raised concerns about the future of affordable housing in the city, as current residents face the challenge of finding new accommodations by April 2025.
UBS justifies the project by stating that the existing buildings are over 80 years old and would require significant renovations. They claim that the new development will not only replace the old structures but also add 41 additional apartments to address Zurich's housing shortage.
The demolition plan has been criticized by political figures and community organizations, who argue that it prioritizes financial returns over the welfare of residents. Despite the discontent among current residents, some are exploring legal avenues to contest the eviction and remain hopeful for unexpected developments that might allow them to stay in their homes.
The situation in Zurich reflects a larger issue facing urban centers worldwide, where the need for new housing clashes with the preservation of affordable options. The criticism directed at UBS raises questions about the role of financial institutions in shaping urban landscapes and may influence public sentiment and policy decisions regarding affordable housing.