Tax exemption: the government will mark the end of the Pinel device

Tax exemption: the government will mark the end of the Pinel device

2023-06-05 11:32:30

This is a major change for the housing world. Elisabeth Borne will mark the end of the Pinel rental investment system, as part of the housing support measures that she will announce on Monday June 5. The Pinel will therefore not be extended beyond 2025. The first system of this type, the Méhaignerie law, dates from 1984. And, since then, a system of this type has always existed, with Périssol, followed by Besson, Scellier, Duflot to finish with Pinel. The objective was to encourage individuals to invest in new housing, to rent them, while benefiting from tax advantages. With a double advantage: support for the construction sector and creation of a wide rental offer.

For several years, however, Bercy pointed out the exorbitant cost of such a device for public finances in view of its advantages. “We need to go deeper into the subject of Pine, which in my view has not proven its effectiveness over the past months,” explained Bruno Le Maire, the Minister of the Economy, at the congress of the Federation of real estate developers (REITs), last week. The decision was, in fact, already made.

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The government does not intend to abandon the intermediate housing sector, the segment targeted by Pinel, but it will do so through institutional investors rather than individuals. To this end, CDC Habitat and Action Logement will quickly be called upon. The first will launch a program to purchase 1,7000 homes and the second 30,000 homes, specifically targeting this t, mainly targeting these intermediate homes.

Subsequently, the government undoubtedly relies on private institutions. This will not reassure real estate developers and the construction world. Private interest is indeed linked to interest rates. When they are close to zero, housing finds favor in their eyes because it pays a little more and proves to be very low risk. On the other hand, when rates rise, many other investments seem more attractive to them. In recent months, institutional investors had virtually disappeared from the housing landscape.

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