France: What does scrapping rent controls in Paris mean for tenants?

The shock decision by a French court to scrap the landmark rent controls implemented in Paris back in August 2015 has left the government and Paris City Hall reeling. But what does it mean for tenants?
The president of France’s national union of real estate agents, FNAIM, Jean-Marc Torrollion advised tenants to remain calm.
He said that the impact of the scrapping would depend which of the following three categories you fall in to: tenants already living in an apartment, those whose lease is about to be renewed and those looking for housing right now.
What impact will the scrapping have on the real estate market?
According to experts, owners in Paris have already been switching to renting out their properties on a seasonal basis because it is hard for them to make money on a “classic” rental.
“While the benefit of rent controls for the tenant is undeniable, it has led owners to switch to renting out properties on a seasonal basis rather than full-time,” said Buyens, the manager at CapiFrance.
That means that there are more properties listed on Airbnb but less housing for professionals, with industry experts saying that for homeowners to return to the “classic” rental, it is necessary to provide them with a number of guarantees, including greater security against unpaid bills and tax incentives.

Written by: the Local

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