Paris cracking down on short-term rentals

http://www.nytimes.com/2010/07/07/business/global/07rent.html

by tamarindo • 16 years ago

2 1 16 years ago

yardie• 16 years ago

I've been living in Paris for a few years and bought an apartment last year. If you are the right type of person, finding an apartment is less difficult. By the right person I mean skin tone, profession, or passport. The mayors of Paris and NYC have the same problem but slightly different ideas on tackling it.

Bloomberg, a capitalist, believes that Manhattan should be a playground for the rich. The tax receipts can be put to good use to help the less fortunate by keeping them far outside the city. Delanoë is a socialist, he has the power to take a building if it is left vacant for a long period of time (10-20 years) and convert it to city housing. I've seen parking garages, disgarded mansions, and old banks converted to living quarters. There are many places like these all around the Paris and the paperwork is glacial.

The apartment owners have to be found. And for a city as old as this one this is a real task. Children grow up, move away, inherit property and neglect it for decades. All of them have to be tracked down and given the ultimatum of fixing it, selling it, or donating it to the state. That last one happens when no heirs exist. The gov't owns tons off these.

Practically, every week there is a protest going on to let the city know there is an affordable housing shortage. Like I said there are places to rent but the owners put on onerous terms to only get the best renters. A waiter wouldn't be able to easily find a place in the city, but if he has rich parents to cosign then it gets easier. Once, you sign a lease you are locked in. The owners can't force you out and eviction takes years.

To avoid this lots of owners were doing only short term leases to tourists, students and companies. Good for the owners, but extremely bad for normal renters who've had to endure one price increase after another.

I believe it's a bad idea to tell owners how to manage their properties. According to one of my real estate friends, there is plenty of places in Paris to live. The government should try looking under it's bed. It's cheaper, and easier for them to write laws telling people what to do verses redeveloping the properties sitting in their lap.

Paris cracking down on short-term rentals

Related Stories