The decisive factor in Parliament was not the need for affordable housing, but the question of the appropriate policy instrument. On 26 October 2026, by 46 votes to 38, the Grand Council endorsed the majority motion put forward by its Finance Committee and rejected the proposed loan of 9.42 million Swiss francs to increase the canton’s stake from 38 per cent to 100 per cent.
This affects Alloggi Ticino SA, a company with 1,418 flats in 61 buildings across the canton. By purchasing the remaining shares from the Federal Office for Housing, Logis Suisse AG, BancaStato and Banca Cler, the Cantonal Government sought to secure a housing policy instrument that could be directly controlled. The centre-right majority argued, however, that whilst the canton would thereby gain control over the housing stock, it would not create a single additional flat.
High financial burden
The financial implications of the proposal went beyond the purchase price. During the parliamentary debate, opponents pointed to around 215.9 million Swiss francs in debt at ATISA, of which approximately 202 million Swiss francs were mortgages spread across some 90 contracts. Added to this, according to the debate, is an estimated CHF 39.4 million in renovation costs over the coming decade. For the property sector in particular, this is the crux of the decision. The canton is not only foregoing a transaction but also the full control of a large housing stock facing considerable financial and renovation pressures.
Dispute over the state’s role
The government had defended the purchase as a strategic move to secure affordable rental housing. According to the government’s white paper and the parliamentary debate, the background to this was a major shareholder’s desire to sell, after demands for dividend payments had been blocked. Supporters also argued that the purchase price of 1,000 Swiss francs per share was low, given the significantly higher intrinsic value. The majority in the Council rejected this argument and framed the regulatory issue more sharply. The canton should set the framework, but should not use substantial funds to take over an existing housing stock in its entirety.
Housing policy remains unresolved
The decision does not end the debate on affordable rents in Ticino. It merely postpones it. It remains to be seen what measures the canton intends to use to safeguard existing affordable housing stock in the long term if it does not take full control of ATISA. For developers, property owners and public landlords, this is precisely the key lesson to be learnt from Bellinzona.
