The exercise to which the Prime Minister was delivered on July 15, giving the country the main lines of the finance bill for 2026 to reduce France’s public deficit. To achieve this result and go from a deficit of 5.6% this year to 4.3% next year, it takes nothing less than finding 43.5 billion euros, and François Bayrou attached himself with his government to find it by savings on current expenses and by the revival of the activity. He exhibited his strategy in the aftermath of the national holiday, and clearly everyone understood that … the party was over. The expression is moved: most households live neither in opulence nor in ease and yet they are felt that the room for maneuver would still be reduced. In this thankless exercise, what place can real estate and should it have? He must be present on the two tables, and François Bayrou remained silent on the second table.
He rightly spoke of soliciting the state property assets, estimated at nearly 80 billion, knowing that what is agreed to call state operators, public enterprises or agencies, are users of an equivalent heritage. Is it about selling family jewelry and impoverishing the French? No. It is a question of carrying out a healthy management to give in what is not useful and to value what is. To do this, the Prime Minister wants to carry out a project that germinated ago … Almost twenty years in the head of a senior official of Bercy, Olivier Debains, who was the large cabinet director of Pierre-André Périssol, himself a large minister of housing, ankle worker of the loan at zero rate and the amortization of rental investments-lost paradise that we try to find: a property of the state. It must be said: today, the owner state, officially embodied by the Minister of the Budget, is not a good manager. He even does not know what he is really owner, or what
use is assigned such a building. Users are jealous of the heritage entrusted to them and transparency, however established by law since the mid -2000s, has been abused. An example: while a private employee occupies an average of 9 m2 in the offices of his company, these are 14 m2 in the public … We measure what painless optimization could take place.
A windfall of several billion
These are also land that would build housing, left fallow. The list is long and it leads to wanting to separate the owner state, anxious to manage as well as possible and in particular to sell as well as possible, and the user condition. This is what a land company will allow, which will use professional management logics, and will also be able to subcontract when it does not have the
internal skills, expertise for example. What windfall can it come from this management orthodoxy, leading to arbitrations? Without question several billion, without it being easy at this stage to specify how much. You also have to be lucid: all this will not be done in an exercise, and the budgetary emergency is pressing. Until then, the objective -jamis reached by law was 500 million transfer per year. This rustic criterion should be replaced by a heritage intelligence, which will be
otherwise more fruitful. A deputy specialist in housing policy, Lionel Causse, even expressed the idea that the state, without dispossessing, uses emphyteutic leases and perceive rents on buildings rented to households or used differently.
On what real estate, in particular residential, can bring to the state and local authorities by the revival of the activity, François Bayrou remained silent. We know that a large subject agitates the ministries of housing, the economy and the budget and the Matignon: the creation of a tax status of ordinary law for households which acquire accommodation to rent it, which would finally be assimilated to entrepreneurs. Their property could thus be the subject of damping. Quarrels of figures set the debate for the moment, and they would have to calm down quickly … because the benefit of a restart of private rental investment is no doubt and we can no longer wait for it. In new, in the absence of an attractive tax system, France has lost nearly 50,000 purchases per year, in the order of 4 billion VAT, and in the old one, around 60,000, for an amount of
transfer rights for the benefit of communities of approximately one billion, not to mention the work subject to VAT for a probable amount of 150 to 200 million euros.
Encourage rental investment
In addition, an expert intervening in a recent professional debate on the initiative of the UNIS, Pierre de Buhren, director general of the Leader Boarding Credit Browse Group, reassured the return of banks to finance rental investments: after having watched with suspicion of households who were moving towards this placement, in particular because of the hardened criteria of the High Council for Financial Stability, of the discretionary envelope of 20% of their production in which they can more freely appreciate the risk.
Clearly, rental investment only asks to regain service. It must be encouraged a little by drawing a simple, lasting tax status, resulting in honorable and competitive return. To itself, it can generate from the year 2026 10% of the envelope that the country must find to start its recovery and raise its head. We could be satisfied with this contribution to the solution of the current problem of France. In reality, to abound the private rental offer of more than 100,000 units per year is of course responding to the demand of so many households that will get out of the queues, but it is at the same time to release the reindustrialisation of the country and the dynamism of trade and service companies: MEDEF and the CPME repeat to the envy that the difficulties of employees to lodge in the territories prevents facilities and slows down the economic development.
Decisive weeks
Summer weeks will be decisive. The accommodation can take a decisive part in the rescue of France. Its actors, promoters, manufacturers of individual houses, real estate agents, property administrators, notaries, wealth management advice, are the weapon on the foot. The households themselves want to give free rein to their desire to invest: it is enough for a gesture of fiscal innovation, to be accomplished without state of mind. We should even have accomplished it two years ago, when the announcement of the end of tax exemption was made, to avoid the expansion of the moment, which caused billions to the country. That is to say the urgency.
