Renovated just a few years ago UBS wants to demolish the entire estate

A UBS real estate fund is planning to demolish an entire housing estate in Zurich. The current tenants will end up on the street - many of them don't know where to go.

Liliane Forster and Daniel Naef are about to be forced to move out of their apartment in the Heuried-Küngenmatt housing estate in Zurich. A UBS real estate fund is planning a new building with 149 apartments, which is why the current tenants will have to move out by April 2025 at the latest.

For Forster and Naef, who have lived in their 3.5-room apartment for almost 20 years, this is a big blow. They have a deep connection to their neighborhood and cannot afford the likely higher rents after the new building, as theBlickreports.

The demolition of the low-cost apartments has been widely criticized. The properties were renovated only a few years ago and are in good condition.

UBS defends the project

SP National Councillor Jacqueline Badran describes the demolition of the affordable apartments as "pure balance sheet pimping". She criticizes the fact that the bank's returns are being placed above the well-being of the tenants.

The Zurich Tenants' Association agrees with this criticism and is calling for a rethink of housing policy in order to protect affordable housing. "The urgently needed expansion of the housing supply must not lead to the destruction of affordable apartments and excessively overpriced new-build rents", Walter Angst from the tenants' association told Blick.

UBS defends the project by pointing out that the buildings are over 80 years old and will have to be renovated in the near future. In addition, 41 additional apartments would be created on the same site, which is seen as a contribution to the housing shortage in Zurich.

However, many of the current residents, including Forster and Naef, cannot afford the future rents and have not yet found a replacement apartment.

Despite the threat of termination, Forster and Naef are not giving up. They are hoping for possible legal appeals or unexpected turns of events that could allow them to stay in their familiar surroundings. "You never know what will happen," says Naef. "We're not giving up."