Swiss Referendum Results Tallied; Low Rates could mean Lower Rent; Basel Urban Farming Project Blooms; Art Basel Hordes Descend on City

News on 16 June 2015

Last Sunday's referendum had Swiss citizens voting on 4 key issues. First, a vote to allow for the diagnostic screening of embryos conceived with medical intervention prior to implantation in the womb.  Second, a vote to change the assessment of the Billag or TV/Radio License.  Third, a vote to tax inheritances and finally, a vote to pay higher subsidies to students.  Concerning diagnostic screening of embryos, the referendum passed with 62% of voters casting ballots in favor. The law will make the technique available only to infertile couples and those with known hereditary illnesses seeking to become parents.  In practical terms, doctors will be able to fertilize more eggs in each instance and select only those screened for implantation.  Once enacted the law will bring Swiss rules more closely in line with those in the rest of Europe.  The referendum concerning the TV and Radio license, known in Switzerland as the Billag, a narrow majority of less than 0.1% voted for the ballot measure.  As the rule takes effect, each individual bill will likely be reduced by almost 10%, but now, those owning second homes in Switzerland will have to pay for each home, and corporations earning over 1/2 million CHF will also be liable for the tax.  And finally, Swiss voters turned down the measures calling for a new inheritance tax and for increased stipends  for university age students in Switzerland.  The vote would have harmonized the amount each student received throughout switzerland irrespective of which canton they were studying in, and would have provided for a minimum annual stipend of 24,000 chf.   *********************************   One important benefit to record low interest rates that directly affects long term tenants of housing in Basel is that they have the right to seek rent reduction according to the Federal Housing Office or FHO.  The latest reading of the Quarterly Reference Rate, used to determine whether rents for flats are raised or lowered has fallen to a record low 1.75 percent.  What this means is that since landlords are enjoying record low mortgage rates used to finance the rented flat, the tenants, in principle, have a right to request a reduction in rents also.  In some cases, the reductions can be as high as 2.91% per annum.  The swiss tenant's association or SMV is advising renters, especially if they've been in their flats for longer than a few years to formally request a reduction since landlords and property managers are not required to do so automatically.  Landlords are allowed to freely set the rents when an apartment is put on the market to let, which benefits them greatly in places like Basel, Geneva and Zurich where the substantial expat communities frequently turn over.  The SMV points out that because of these dynamics, rent rates have not matched the fall in mortgage rates which have been almost cut in half since 2008.     *************************************************   We've been following the developments with the Urban Farming Project in the Dreispitz area neighboring the RadioX studios closely.  It seems the project has expanded a great deal since we first started reporting on it two years ago. The operation now also inhabits the roof of the M-Parc Migros Supermarket in Dreispitz, with whose cooperation the Urban Farming Projects has the capacity to provide 5 tons of vegetables and 800 kilos of fish annually.  In case you're wondering how they cultivate fish on the roof of the building, it seems a new aquaponic system is ready to go online which has been in a testing phase for over a year.  The vision of the project has attracted a global following: no less than 200 tours of the company's pilot facilities have been taking place each of the last two years.  In Holland, Urban Farmers has been awarded a contract to build a 1500 square meter aquaponic facility, and the company has been fielding inquiries from the United States, Kenya, Russia and Brazil.   *************************************************

 

Well folks, Art Basel, is upon us once again and it seems the city is already alight with well-heeled collectors, connoisseurs, gallerists their entourages and those that would serve them, despite the official beginning to the festival being Thursday this week.  The festival is in fact already open to the best connected collectors - that is to say those ready to plunk down the exorbitant sums contemporary art commands these days.  In addition, no less than ten satellite art fairs have also taken up residence and opened in the various quarters throughout greater Basel.  Along with all the serious and contemplative attention the collected works will be getting, plenty of partying will be available as well.  The Campari Bar will temporarily host an Art Club and Lady Bar across town will both feature late night events for those determined to hobnob into the wee hours.  In the lobby of The Three Kings, the Roth Bar, a tribute to Basel's own artist Dieter Roth who died in 1998 will also host what's billed to be THE after-hours event of this Art Basel season.  The Art Parcours is also back this year, which features public installations and a course-map taking you through participating restaurant and cafe venues between all the exhibitions.  When you're ready to wind down, head to the tranquil riverside Buvette ötlinger which has been transformed by the artist Felix Baudenbacher for the duration of the Art Basel event.