Half-year report 2021

Half-year report 2021

CEO’s review

For the first half of the year, we have worked in the shadow of COVID-19, in the new normal. Fortunately, Y-Foundation’s employees are well-prepared to work remotely when their duties allow it. Based on our survey, a large proportion of our employees enjoy remote work. This indicates that we have been able to create good conditions for remote work.

This summer, we again hired more than 30 summer workers to manage the day-to-day operations of our offices and carry out landscaping work at our properties. We have been ranked among the best summer employers in Finland for two consecutive years. We hope that this year is no exception and that our young summer workers feel that we’ve looked after them and their work at Y-Foundation has been meaningful.
We have been able to conduct customer meetings safely and our Koti kuntoon renovation activities have continued throughout the pandemic.

We have also completed our new residential construction projects on schedule. In the spring, we had a record-high number of new homes – 875 in total – under construction.

At the beginning of June, tenants were able to move in to Tampereen Jallukka and our new property in Kuopio. Located in the city’s Kaleva district, Tampereen Jallukka is aimed at people who work in the cultural sector in Tampere. In Kuopio’s Archipelago City neighbourhood, we developed the city’s first solid wood apartment buildings.

Early in the year, alarming information came out indicating that long-term homelessness had begun to increase over the past year. This marked the reversal of a positive trend that had continued for more than a decade. The work we do is necessary for achieving a turnaround in this trend. In the spring, we expressed opinions on the themes of the municipal elections in many ways, as the work to eradicate homelessness is primarily carried out in municipalities. The Housing First Development Network also organised an election panel for candidates in Helsinki.

In June, our number of apartments grew by nearly 600 following a property acquisition based on a pre-sale agreement we signed with Nuorisosäätiö on state-subsidised ARA rental apartments for young people. This transaction ensured that the apartments will remain available for rent to young people in the future. The properties in question are mostly located in the Uusimaa region. The transaction also includes residential properties in Lahti, Hollola, Orimattila and Lappeenranta.

The housing for the young people who live in these apartments – and our other tenants – has now been secured for a long time to come.

Juha Kaakinen
CEO

Kansi half-year report Y-Foundation 2021 thumbnail

Half-year report January-June 2021