Why is it inevitable to create the status of the private investor

Free tribune

While a parliamentary mission is working on the creation of a real status of the private lessor, Henry Buzy-Cazaux, founding president of the Institute of Real Estate Services, stresses that, “without an attractive and fair status, we will not mobilize by the hundreds of thousands of the owners investors on which we must now count to ensure the housing offer”.

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It is not won, far from it. The added efforts of the Minister of Housing, professional families in the sector, representatives of the owners, and even the conviction of the Minister of the Economy give confidence, of course, and the chances that the tax status of the private rental investor – which would consist in being able to amortize his housing – have seriously increased in recent months. A parliamentary mission entrusted in particular to a former Minister of Housing, today Senator of the North, Marc-Philippe Daubresse, testifies that the file is officially opened, with the clear perspective of the finance bill for 2026.

However, there are mortgages to lift. First the final calculation of the cost in terms of lower instant tax revenue, even if the return to tax resources do not make any doubt. Our budgetary situation is so degraded that Matignon is tempted to reason in short seen without being able to project itself. And then there is the administration of Bercy, so often designated at the Vindicte. Does it merit? She has no taste marked for real estate, undoubtedly, and in President Macron she has found a first -choice ally for eight years … In addition, she hardly likes change or innovation, unless the report is immediate.

What depreciation rate?

Above all, the amortization of rental goods will constitute if it is born an ideological victory: finally, traditional rental real estate will be assimilated to a productive activity in its own right! We must also be wary of the victories at the Pyrrhus, specialty of Bercy … The devil is in detail in matters of taxation. What amortization rate for example? Too low, he will take away any interest in the case. What deductibility of charges? What methods of taxing the most value to the resale of the property? The passage to the Parliament could also hurt … We already hear the fenders of the big capital being mistaken in combat: we will speak of the medium French who invest in a housing in a life, and we will brandish the rare who can buy three or four, hateful in principle.

Faced with these risks, the status promoters speak of a tax richness, jobs, the rental supply, now cruelly insufficient. The essential is still elsewhere. France has undoubtedly just known the latest generation, that is to say the last twenty or twenty-five years of active and enthusiastic deployment of the occupying property. Their rate, after believing in an uninterrupted way in the past two decades, regresses. It is unlikely that it will come from soon to increase, for substantive reasons. The cost of debt first will never become as light again as it may have been, and it is very well for the solidity and health of the banking system. In the meantime, at 3%, which will become 2.5%no doubt in the twelve months, but certainly not 1%, a significant fraction of the population, whose income stagnates, remains far from home ownership, mechanically.

Unbalanced local taxation

Then, our country and the world present the inexpensive face of unstable and illegible areas, to candidates for accession who need visibility and reinsurance. We are far from the account in this regard! With us, every day, the government threatens to be overthrown by a motion of censorship, for a venia cause or for a having touched a taboo. Projects or laws of law of general interest, especially for housing, which fail miserably because even on social issues political groups may decide not to agree. As for the international geopolitical context, it is undermined: the risks of extension of the Ukrainian conflict still exist and the strategic choices of President Trump, who bristles with protectionist customs barriers, jeopardizes most French companies and weakens our job. All this obeys the serenity of households and prevents them from planning to have a deadline of a few years, not to mention the duration of a credit.

Another reason why occupying property will inexorably go back is its operating cost. Local taxation is unbalanced since the abolition of the housing tax and the property tax has not finished increasing. The constraints, even if they are beneficial, of environmental renovation of housing, create a burden that many primary schools and decetors can not assume. Current loads are all increasing at the same time, singularly in co -ownership.

The status of tenant, the threshold which is worth for a growing part of the French

Finally, the French relationship to property, that all surveys strive to show intact, is perhaps not … The obligation of mobility for work does bad household with the viscosity of the property, largely because of the taxation of the purchase, with transfer rights of almost a tenth of the price of the property. The instability of family structures, which are dislocating today more easily than formerly, also pleases for delayed purchases at a time when buyers have the feeling of a certain sentimental solidity, more and later. Not to mention the taste for enjoyment, which slowly but surely takes precedence over that of detention, certainly more among the higher socio-professional categories first, but not only. Clearly, the surveys do not lie, the respondents express their deep belief, except that there is further and further from the lip cup.

For these strong reason, the status of tenant will take on an importance that we have done everything to make him lose. We sincerely wanted a France of owners of their main residence, secured by their heritage, anchored in life in a way, for whom the economic prospect of retirement is less worrying. We did not succeed, and even we started the opposite path. It is therefore on investor owners that must now be counted to ensure the housing supply that is suitable for our century, in any case at the generation of the moment and probably to the next. Without an attractive and fair status, we will not mobilize them by hundreds of thousands. The stake is heavy, heavier than you thought when the sector, several years ago, asked the public authorities a tax consideration of ordinary law for investor households. Not building this diet will not only slow down the deployment of the rental park, but will have permanently compromised the possibility of house the French. Because the real subject is no longer to promote the status of the lessor. It is to allow the status of tenant, the only one that is worth for a growing part of our compatriots, whether we like it or not.