Helsinki’s affordable housing scheme exploited as single owners hold up to 11 subsidised flats
An investigation by Finnish broadcaster Yle reveals that hundreds of flats in Helsinki’s hitas affordable housing scheme—intended for middle-income residents—have ended up as investment properties, with some owners holding as many as 11 units. The system, designed to provide reasonably priced homes, is being dismantled by the city after widespread misuse.
The most concentrated abuse occurs in the high-demand waterfront districts of Jätkäsaari and Kalasatama, where rental yields and resale profits are highest. City records show nearly 500 individuals now own multiple hitas flats, up from around 700 units under multi-ownership in 2019. Two owners—one man and one woman—each hold 11 properties, though Yle was unable to reach them for comment.
Among the multi-owners are high earners and politicians. Eveliina Heinäluoma, chair of Helsinki’s city council and a Social Democratic MP, owns three hitas flats. She lives in one with her partner in Myllypuro, rents out a second below market rate, and co-owns a third with her father, MEP Eero Heinäluoma. Heinäluoma, whose total income exceeded €175,000 in 2022 (including €8,000 in capital gains from rent), told Yle she plans to sell the extra properties this year, pending market recovery.
Another city councillor, Tuuli Kousa (Green League), confirmed she rents out a hitas flat in Laajasalo purchased over a decade ago. Seven other councillors each own one hitas property.
Current rules do not explicitly ban multiple ownership but require buyers of new hitas flats to sell existing ones before receiving keys. However, enforcement gaps persist: one anonymous owner from Ostrobothnia, who holds three flats in Pasila, admitted to Yle that his purchases—made just before the pandemic and Russia’s invasion of Ukraine—had become poor investments. A woman from an old Finnish noble family owns six flats in Kalasatama, Toukola, and Hermanni, all rented out; she declined further comment but criticised the city’s high land-lease fees.
Helsinki’s hitas scheme, which caps resale prices for 30 years, has faced mounting criticism for failing to prevent speculative buying. The city now plans to phase it out entirely.
Tags: housing, helsinki, real estate