The Y-Foundation, established in Helsinki in 1985 by figures including Deputy Mayor Heikki S. von Hertzen and doctor Ilkka Taipale, emerged amid a crisis of nearly 20,000 homeless people in Finland. Backed by major cities like Helsinki, Espoo, Tampere, Turku, and Vantaa, plus organizations such as the Church Council and Finnish Red Cross, it focused on acquiring and building rental apartments rather than shelters, adhering to the Housing First principle that prioritizes immediate housing.
Today, headquartered in Helsinki with seven offices nationwide, it employs over 160 staff and ranks as Finland's fourth-largest landlord, owning 18,000 apartments across 57 locations. These house 26,600 people, including 7,420 Y-Kodit units for special groups like those with mental health issues or addictions, and 10,580 affordable M2-Kodit rentals via its subsidiary. Funding comes from state grants, loans, and rental income, without private donations.
The foundation coordinates Finland's Housing First Development Network for training and pilots, and co-leads the international Housing First Europe Hub with FEANTSA since 2016. It has drawn global notice, including the World Habitat Award in 2014. Partnerships with municipalities handle tenant support, contributing to Finland's drop in long-term homelessness from government programs in the 2000s and 2010s.