Depreciation of rental housing: tax revenue and social peace

The tax status of the private lessor, claimed for years by the real estate sector, has never been so close to the light of day. However, the sector hesitates to rejoice in it fully. The explanations of Henry Buzy-Cazaux, founding president of the Institute of Management of Real Estate Services.

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Pessimism is no longer in order: the damping of new and existing private rental investments with work is likely to see the light of day. However, strangely, we read, we hear here or there on the part of actors in the sector of discourage and discouragement messages. For what? For two essential reasons. First, the housing community has been used to political misfortune since recent years. The arrival at the Élysée of President Macron still had two consequences: a mesestime displayed by real estate investors at the top of the State and a tendency drop in credits allocated to housing, in particular support for private rental investment. Everything happens as if the sector had Stockholm syndrome … Some go so far as to find that the bride is too good, that the depreciation rates proposed by the Daubrssse-Cosson report, parliamentarians commissioned by the Minister of Housing Valérie Létard to foreshadow the investor’s tax regime, are too high to be accepted by Bercy. Weird, after years of fighting, to have something like the fear of winning, tested by the finalists of the major sports competitions.

A second cause of the ambient reduction is due to the economic period. The deficit of our country is such that we do not believe in the budgetary acceptability of the measure. In this regard, the two parliamentarians, in conjunction with the ministries concerned, estimated the cost and the report of the measure; The cost amounts to smaller taxation due to the tax reductions received linked to amortization. The report is due to VAT generated by purchases in new and work on existing, in favor of the State, and the transfer rights for consideration for local authorities, the departments essentially. The report makes public a calculation never made: the annual net balance of the measure, thanks to forecasts of number of investment operations and the amount of associated work -which remain very cautious and probably below what the reality will be. The figures are clear: the damping creates wealth in 2026, at the rate of 500 million, to go up in diet up to 2.3 billion in 2030.

For the first time, voters could prefer builders mayors

Not to mention the induced effects: depreciation will stem hemorrhages on employment in the sector, particularly upstream, in the building: when these lines are written, nearly 200 jobs per working day are destroyed in the fabric of businesses all trades, with the cost of unemployment compensation that this situation causes.

The economic argument is undoubtedly the strongest to convince the Ministry of the Budget, Matignon and the Parliament of the Benefits of Amortization. However, there is another: insufficient rental offer creates palpable social tensions. Finding housing to rent in our territories, in metropolises to a higher degree, in the private park as in the heritage of HLM organizations, is a feat. The prejudices on household life, their mobility for employment, the development of businesses and businesses consequently, the higher education courses, the birth rate … are considerable. The pressure on mayors is so strong that the best observers consider that for the first time the voters in March 2026 may well prefer builders to the chilly mayors in the matter. In short, the social joins the economy: without a sufficient offer of housing, the breathing of the country is prevented and the growth suffocates.

The amortization of rental housing will be created … as long as the deputies are fairly responsible and do not censor the government during the vote of the budget. Because there is the worst risk now: France could, as last year, not having a budget for the coming year, because it would no longer have government. Let us be misery that parliamentarians will not sacrifice the richness of the country and the happiness of the nation on the altar of political quarrels.