Despite brilliant figures in 2025, corporations are on the brink of the abyss. That's what corporation expert Johan Conijn, director of Finance Ideas and professor emeritus of the housing market, warns.
In 2025, corporations built 21,500 homes. Since CBS began tracking these figures in 2012, this is the highest number. "A fine achievement," Conijn believes. He credits former minister Hugo de Jonge: "He really turned things back on."
Yet he nuances the "stunning" figures. "There is an upward trend, but they are not historical numbers. I come from the days when corporations built 60,000 homes a year."
Not within reach
The expert emphasizes that the new-build and renovation task that corporations have is definitely not within reach. "Starting in 2030, they have to build 30,000 homes a year. So there is still a way to go."
He wonders if corporations will ever reach that number. Stronger. According to him, corporations will be on the brink of collapse if the national government does not quickly and thoroughly revise its vision of social public housing.
Just for the record. Are you a louse of corporations or a friend? You regularly criticize corporations...
"I don't belong to the category that wants to gloss over everything. The theme in my work has always been 'lighting tiles.' Showing things that someone else wants to keep hidden. In the corporate sector, this is also the case. There are many things that need to be exposed to the light of day for the sake of improvement."
Which one?
"Let me name one. Corporations still behave too much like civil service organizations. That is the core problem and has to do with the fact that they are nonprofit institutions. They are not challenged by capital providers to maximize returns, or achieve whatever performance... That affects the functioning of corporations and the behavior of people within a corporation. If a corporation fails to meet its targets at the end of the year, and that happens regularly, nobody really gives them hell. And the performance agreements that do exist are rarely specific enough to really hold corporations accountable."
You have been advising the housing association sector for years. Yet they are at the edge of the ravine, you consider. Were your opinions right?
"Should I feel guilty now?"
No, I'm just trying to get a sense of why you think corporations are on the brink.
"To carry out the task that corporations have in the coming years, they have to borrow a lot of money in the coming years. But at some point that money will run out."
Corporations are talking about a €19.4 billion hole through 2034. What's going on?
"With the abolition of the landlord levy, performance agreements were made with the government, Aedes and the ministry. Those agreements are very extensive and require, among other things, that corporations are allowed to borrow a maximum amount over a period of 10 years. So that means they can't do anything after that and are in the black. Meanwhile, you also see that operations are making more and more losses. That has to do with lagging rental income and rising costs. You can no longer maintain the existing stock without borrowing, and on every new home they build they make a monthly loss of 400 euros ... That's dramatic."
'Corporations' complained more often in the past and also threatened building stops. They never go bankrupt...
"Neither can they. And even the corporation that takes all agreements with the State seriously can hold out for a while. But however you look at this. Without a new vision for social public housing, corporations will find themselves on the precipice. Otherwise, they will never build those 30,000 homes."
You call for a new vision from the cabinet? What does it say?
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Curious about the answer? Listen to episode 26 of the podcast Bureau Stoer. You can do so here and via Spotify. Jan Willem van de Groep and Nicole Maarsen also talk along.
