00:00While most of us struggle with rising rents, the residents of this housing complex enjoy a
00:05seemingly impossible deal, annual rent that costs less than a dollar. Sounds crazy, right? But why
00:11a dollar? Well, in 1521, Jakob Fugger, a wealthy merchant and banker, built the Fuggerai apartment
00:17complex. It features 142 apartments across 67 houses. Each apartment is 500 to 700 square feet,
00:26with a kitchen, bathroom, and small garden. He set the rent at one rennish gilder annually,
00:32equivalent to 88 cents today. Since then, the rent hasn't changed, making it one of the world's most
00:37affordable housing complexes. But there's a catch. The residents must meet several criteria. Be
00:43Catholic and in good standing, have lived in Augsburg for at least two years, have fallen into hardship
00:49without debt, and pray three times daily. And here's where it gets interesting. The gates close at 10
00:54p.m., and late returns must pay the night watchman 50 cents to enter. That's actually more than half
01:01your yearly rent, right?
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