Housing is one of the most acute problems facing Russia

Saturday, October 24, 2020

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President Vladimir Putin asserted in his state of the federation speech Wednesday to the assembled leadership of Russia. 'We must stop fooling people about waiting in line for apartments. We must make it possible for people to buy apartments on the market,' with the government giving special help to the nation's poor. 'At least one-third, not one-tenth, of our citizens ought to be able to afford to buy apartments,' the president said. 'Housing loans need to be long-term, and financial instrumentalities must be devised that take into account potential borrowers' future earnings, not just their current incomes. A mortgage system must be developed.' At the same time, he said, public housing must be reasonably available for those who need it.

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