The Swiss Homeowners Association (HEV) is investing a record seven million Swiss francs into its campaign against the abolition of the Eigenmietwert (imputed rental value). This budget is the largest ever declared since transparency regulations came into effect in 2024, and likely one of the highest campaign budgets on record. This massive expenditure faces an opposition with extremely limited resources, whose budget amounts to just 350,000 Swiss francs.

The referendum, scheduled for September 28, is of crucial importance to the HEV as it seeks the abolition of the Eigenmietwert, a core concern for the association. Previous attempts to abolish or reduce this tax failed at the ballot box in 1999, 2004, and 2012. Current opinion polls indicate a comfortable two-thirds majority lead for the proponents, which might suggest lower spending may be required. However, officials caution against complacency, pointing to significant public skepticism that needs to be addressed and explained.

This stark contrast in budgets highlights the economic clout of homeowners in Switzerland and their political priorities. While the HEV focuses its efforts squarely on this issue, opponents face significant challenges in mustering the necessary resources to counter the intensive campaign. Notably, the Tenants' Association is channeling its limited funds into other rent-related initiatives, diminishing its capacity to effectively contribute to this contest.

Regional Perspective

The seven million franc spending by the Swiss Homeowners Association represents a new record for a political campaign, reflecting the significance of the Eigenmietwert abolition issue for this sector. This level of expenditure, far exceeding the budgets of opposing campaigns, underscores the challenges faced by dissenting voices in influencing public opinion against massive media campaigns.

Analysis

Political expert Michael Hermann notes that the HEV's budget, while substantial, is actually modest considering the billions of francs in benefits that homeowners would receive from the abolition of the Eigenmietwert. However, this significant spending provides proponents with a clear advantage, especially as there is a general public sympathy for abolishing the tax. The key challenge lies in explaining the potential negative side effects of this abolition, which requires an effective awareness campaign. Hermann suggests that the opposition, particularly the Tenants' Association, has missed the opportunity to build a financially robust campaign.