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The Wheeling Daily Intelligencer
Wheeling, Ohio County, West Virginia
What is this article about?
Berlin experiences a severe real estate collapse after a building boom before 1873, with 20,000 vacant apartments, properties failing to cover taxes, and ruin among speculators on borrowed capital, mirroring American experiences.
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Where did it happen?
Foreign News Details
Primary Location
Berlin
Event Date
After 1873
Outcome
twenty thousand vacant apartments; real estate not yielding income enough to pay taxes; widespread distress and ruin among real-estate men who have done business on borrowed capital
Event Details
The great German capital, Berlin, is going through a terrible real estate collapse. For the three or four years before 1873 it seemed impossible to build houses fast enough to supply the increasing population, or to advance prices beyond the takers. But the supply was pushed beyond the demand, prices have been so high that people went away, and now there are twenty thousand vacant apartments in the city. There is a great deal of real estate that does not yield income enough to pay taxes, and a widespread distress and ruin among real-estate men who have done business on borrowed capital. It is the exact repetition of our American experiences.