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Why A Quarter Of Paris Is Empty
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- čas přidán 27. 07. 2022
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With a coming global recession and climate crisis I'm sure people will have the time and money to invest in this.
But I guess these videos need to be sponsored somehow, so ignore this comment.
@@Curly_Horse I bet you’re fun at parties
@@Curly_Horse ..at least he's not advocating that we invest in Paris real estate ..or is he? 😮
Congratulations on 400K Subscribers!!!!!!
That is terrible. Forcing renting a property on you should be illegal. It is entirely your business what you are doing with your property. I didn't know Danish government had communist tendencies...
The biggest problem is that instead of treating a property as a home, it is now considered a successful investment, therefore the wealthier will invest in additional property. Compound this change by government policies such as "buy to let" in the UK. If government legislation becomes too onerous for the "new" landlords to risk letting then they will still regard the property as an investment but will forgo the extra profit activity of letting.
Who exactly was in Paris?
What an odd question.
Fine gentlemen of African descent
I was inside a girl called Paris
emily
Hmmm I do wonder myself
That Danish law seems pretty great, finding tenants for those empty homes. Like everything I'm sure there are downsides, but that could be part of the solution to housing shortages
Housing shortage is not exactly a housing problem. You won't solve it just giving houses away.
@@brunoverasferreira6263 no one said anything about giving them away. The government/state/city/whatever find tenants to rent the house, not give away the house. I never said that would solve the problem, it can be part of the solution
downside could be billionaires leaving the state looking for states where they can have 100 homes to themselves. but no other downsides i can think of... (that would affect normal people)
I don't know, sounds pretty extreme to me. Is it reasonable to 100% forbid rich people from owning a second home in another city? What if somebody works in one city but spends a lot of time in another (say, visiting family every other week for 3-4 days). This in Denmark would be illegal.
Wouldn't it make more sense to impose a high tax on vacant 2nd homes and use that to fund construction & urban renewal?
housing prices are still insane in Copenhagen
As a middle-class Gen Z Parisian I fucking hate not being able to see myself living in my home city, I hope the problem will be solved soon...
Join the club, it's the same here in Amsterdam. I am actually emigrating this winter because the city has more or less died. It's a tourist trap mixed with a financial center, that has become way too expensive and offers less and less because all the chill people are leaving and institutions are dying and it's just not fun anymore. My neighbours are people "doing the Amsterdam experience" and I get more and more shops in the area that just sell cheese, nuts, candy or other weird luxury items for inflated prices to tourists and expats. They are the only shops that can actually afford the rent... Definitely not going to Paris :P
Yeah, probably because you're an Gen-Z. Ughh, disgusting generation. 🙄💅✨✨
Same in Portugal 😢
I even apply loan housing are still not my house. Ive liability to settle. Its gonna be expensive to buy a mortgage
Don't count on the politicians. They live in their own bubbles and caused this mess with more regulations
I am a Parisian myself ( not born here )
I've a better question. If a quarter of paris is empty why are they building new suburbs on the outskirts? The same is probably true of pretty much every city on earth.
Paris is a market prime for higher value homes, renting.
Building is less expensive, as there is more real estate available and less historic building to be preserved.
The suburbs feed Paris with cheap labor and is where the region - Île-de-France, A.K.A. Paris' Region - can still grow.
@Jeff Jeff To be honest, I like the goal of Georgism: efficiency, but I am against taxes on property because I think it is basically paying rent to the government. I like big government, but home ownership is nice too.
Now, everywhere they have property tax. A land value tax is cheaper than that, so it's better, so I should support Georgism.
But why should land be taxed?
Because it’s too expendive to live in Paris. So people go out from the city but they have to live close to it to be able to work.
The houses aren’t empty. They have owners. People just do not live there for most of the year. Some rich people buy homes just as an investment and dont live in the place at all.
These ‘empty’ homes have owners, so they cannot be bought up by people who actually want to live and work in Paris full time. So, they’re still is a need for more housing since there are still people who want to live in Paris, but not enough places that are actually for sale. When they say vacant they dont necessarily mean for sale
Because many people want to live in less congested areas and have access to BOTH the countryside and the city.
This is all the more insane considering I have seen a family with two children living under a bridge in Paris. They live in a house made from tarpaulin and plywood, and I assume the conditions are not at all safe
That's cute... Take a look at what is going on next to porte de la chapelle or under the perif next to la Villette.
@@azahel542 I am not from Paris, but I assume you mean a slum made from similar materials?
This problem was diagnosed by author David Korten, a sustainability expert from Pacific Northwest. 1) Local economy that recycles money in the system. 2) Barriers to non-Parisians to live or work in their town. A) Make ownership of land by corporations illegal. B) Ownership of Parisian land for Parisians. C) Eliminate absentee ownership of businesses. No business can be a chain. Any business owner must live in Paris AND work at the business minimum 30 hrs a week. Or just keep the lawless parasitical Sabbatean Capitalism in place.
refugees/gypsies
That's a literal illegal slum house but if houses are that expensive you'll probably see more of these. Also not just paris london has more expensive houses
i live in Paris and have been trying to buy a house recently, i can kinda confirm how bad it is.
usually prices are at around 10k per square meter, however, you can easily see prices going up to 16k to 20k per square meter.
basically, prices in paris have went up by 70% in 10 years, mostly due to speculation i'd say.
Buying a home in Paris makes no sense at all unless you really love wasting money. Getting to the city is quite easy by car or public transport (yeah, the occasional traffic jam or technical issue, but it's not that bad) and you can find some sweet deals all over ile de france, in some nice neighborhoods that will offer a much better quality of life.
compared to what is happening here in california, 70% over 10 years seems really small :c
@@gnomad3143 sad to hear that
Demand for homes has increased as well
@@azahel542 Okay but why does everybody need to commute into the city so the few can have this empty center city? In every city. Vancouver, NYC, Houston. How many empty homes do they need?
you totally need to talk about spains population density. the issue is way bigger than in france, being that almost the entire population lives either in the coast or in madrid in the center, leaving a huge ring around madrid where many parts are called "la españa vacía", literally the empty spain. take a look at it it's very interesting
If only there was something to build in this massive empty space where it's sunny all the time to generate electricity......
@Leyan Clasi they aren't that expensive anymore, it's just fossil fuel lobbying to keep it away and keep the world consuming dirty fossil fuels. That's why the middle east isn't full of solar panels, those are the places that sell everyone the most fossil fuels.
One of these idk what to call these types of youtubers have already done a video on it, I dont remember which one tho
@@CarlosGarcia-lo6xf A lot have done it and then it becomes trendy and soon enough everyone is making videos on the same thing.
@@user-propositionjoe nuclear is much more efficient, cheaper, and kills less people per power generated then oil.
Much better then solar and it doesn't take slave labour to mine rare earth metals like solar
You have missed a couple key points in your summary.
I lived in Paris and the rental laws are archaic.
Many property owners don't want to rent because of this.
You can't evict someone in the winter, if a tenant doesn't pay the rent you can't just evict them, you have to go to court to get them out and that takes years and costs a lot.
French people know the laws and take advantage of it.
Property owners realize that it is easier to rent to foreigners as they are more reliable and pay the rent,
and take better care of the property.
As a property owner I 100% agree. It's just too high of a risk to rent out apartmente as those you rent out to can screw you over
'you can't just evict them, you have to go to court to get them out and that
takes years and costs a lot' they should speed it up, but how exactly do you image doing it WITHOUT the court?
@@adapienkowska2605 In Canada, if someone doesn't pay their rent you put a notice on their door saying if the rent is not paid by a certain date you will enter the apartment and evict them. My point is that the laws in France don't allow landlords to do this, the process for getting someone out of an apartment in France is long and tedious, and that's why there are so many empty apartments.
@@adapienkowska2605 the problem is why pay when you want to live somewhere? You say that you will pay but never do. And you never show to the court and you won't be judge
@@pashminagal Les pauvres proprios qui ont peur de louer et qui préfèrent laisser les appartements vides alors qu'ils demandent une tonne de paperasse et de garanties, on marche sur la tête là
Its been 2 am I'm just about to sleep
OBF : why a quarter of paris is empty
Well well well lets find out why🤣😂
same watching youtube at 2:00 am hits diffrent
This big problem also combines with the fact that Paris is centralising so many public services. A lot of specialised public schools are only in Paris, meaning you have the choice between spending tons of money on your tuition for a private school or spending tons of money for the rent and grocery prices. And even when some of those big unis decentralise (like Sciences Po Paris), the Paris campus is always the one with the most prestige and opportunities. The Paris rent market has the same effect as legacies and high tuitions for American schools: unless you already live in Paris or are super rich, you're fucked
I see what you mean, and your right actually, but like you said, they try to decentralise like Science Po, and actually that's not the "Director"'s choice to make Science Po Paris the most prestigious. And, even with every money you have to spend to live near/in Paris to go to a prestigious school, it's less expensive than in America.
Britain is looking at doubling council tax for some Welsh towns that have the "the entire town is on airbnb" problem
There are towns in the US that ban anyone from having an AirBNB unless they live in the city full time and have their voting record there.
In Cornwall, some villages are buzzing in the summer with Londoners who own a second home and in the winter they are almost empty because there are hardly any locals living there
You didn’t mention rent control. My cousin has a rent controlled apartment in Paris and he only pays 100 euros a month for it, but he and his fiancé only stay in it when they have work there. They live half the length of the country away, primarily.
I think this might contribute a lot as well.
100 euros a month in paris is disgusting robbery of the home owner . How can the landlord cover property taxes , maintenance and still make a profit , if the rent set by rent control is that low .
The landlord is most likely losing money every year
100 per month ??? Where the hell does your cousin live ??? rent controlled apartments are at least 4 times that for a studio.
@@johnsamuel1999 I guess he missed one zero. Should‘ve said 1000€ (which is cheap for Paris)
@@johnsamuel1999 "100 euros a month in paris is disgusting robbery of the home owner"[
Sadly it msot likely is not 100 euros, but it should. renters rob people of the chance to have low cost living. landlords are parasites which deserve to lose money.
I call BS right there. The only way it's possible is a private arrangement with friend or familly. Even HLM rent are not this low.
The vacant home issue that is the result of speculators is not as big of a problem in much of the US. Property taxes discourage leaving a house vacant as you have to pay taxes on the property so if you don’t live in it or don’t rent it out, you paying a lot of taxes with no earnings to offset.
NYC is the exception to this rule. Many luxury houses here are empty but owned by the ultra rich with no desire to rent it out.
That's not true for many of the large cities where property appreciation easily exceeds those costs.
@@thegoblintown there not many major U.S. cities with anywhere near the number of vacant homes due to speculation as there are places with no property tax. China has no property tax and it’s basically millions of homes vacant due to speculation.
@@tolazytothinkofanamd2351 but luxury homes are a small % of total homes.
@@Homer-OJ-Simpson Not in NYC. Average home is sold for over 1 million dollars. Luxury homes represent 30% of the market here. It's not the majority but it's a significant chunk.
You have forgotten one key point that for me is a main one as far as I've seen. The law in France completely protects the renter vs the owner, which makes owners reluctant to rent their house unless they need the money. Just to give 2 examples :
- An official renter can stop paying rent to the owner and not face eviction for almost 2 years. The renter just stops paying, the owner can't evict him but can start a legal procedure that takes ages to go into court. So the owner, on top of not having the rent money, has to spend money on a lawyer to sue the renter. At the end, the owner, if he wins, will at best recover the non paid rent and not even the lawyer fees. And if the renter is judged incapable of paying then he will just be evicted and the owner gets nothing to compensate.
- Any person in France can force the entrance of a house and just squat it. If they can prove that they have been staying there for more than 48h, then the owner can't legally force them out without a legal procedure again that takes ages. So a person, with no contract at all can just take possession of you house and stay there and you can't do shit about it. if you try to force them out then you can sue you and you can even go to jail.
These laws are completely fucked up, and that's why my friends and I are particularly reluctant to rent and very careful about squats.
They can have the renter to sign a contract and have in the contract that if rent isn’t paid you must vacate the property within a certain time limit.
@@Mandy-cn8sq such contracts can be voided like nothing, expecially if there is a minor with the renters
Landlords are just parasites anyways. If you want money work for it.
@@Mandy-cn8sq No you can't, contract content is legally defined, you can't add conditions...
These laws prohibiting residents sound great. No one should own a home they don't live in.
AirBrb is an amazing invention. It's like they're running a distributed hotel, and they've offloaded all of the risks on to the people who actually own the property. Spectacularly exploitative, like Uber.
As for the speculators, I propose partially offsetting the gas shortage by burning them for heat.
@RealSweetKid Exactly like Uber. You do all the work, you take all the risks, you supply all of the necessary hardware, and the guy who made the app gets enough money to buy a luxury aircraft carrier.
And it crowds out people looking for a place to live in the process.
In an ironic twist renter protection laws make French homeowners very reluctant to rent a second residence as the eviction process can take years.
Imagine you rented out a place for a year and at the end of the contract you plan for your adult kid to move there, except the current resident does not want to move. If they continue paying rent you cannot evict them. If they stop you can start legal proceedings but no actual eviction for years.
Your exemple does not work completely : once the rental contract has expired (three years for an empty unit, one for a furnished one), the owner can chose to not renew the contract to take it as its primary residence, or to rent the unit to a family member (up to third degree).
Expulsion procedures last 6 month at minimum, but can go higher, especially if the owner did not respect the procedure properly (notification delays and so on).
@@jeanf6295
Yeah it potentially takes years. It should take weeks. Few regular Joe Schmo investors can survive 6 months without rental income.
The real problem is the one mentioned by OP. With fewer regulations, more apartments would be rented in housing hotspots (Paris, Lyon, Bordeaux, Toulouse, Rennes etc...)
The other major problem is planning restrictions. In France, it's the mayor who decides if things get built or not and the less they allow, the richer the voters become. That's why the housing bubble is one of the worst in France.
It became so expensive that families can't live anymore in Paris. Schools are closing little by little because there are no more kids. Then in the suburbs, the pressure is so high!
Do 30k homes make such a big impact in a city of so many million residents?
Or is it just pointing the finger at a rather smll problem caused by "the rich", instead of facing the bigger issue of not having built (or rather allowed to build) enough homes, which would not have such a clear-cut villain to bash and might mean certain people don't ge re-elected?
TBH I would also be very tempted to blame millionairs if I was a Praris official ...
It's not even 30k, it's arround 18k. That's about 1% of units in Paris.
Sorry but that video's a joke. From "A QUARTER OF PARIS IS EMPTY" to actually 1%... All of that after promoting an Art Ponzi Scheme LMAO
You're right. The problem with Paris is that's it almost impossible to built anything new if it isn't promoted by local authorities. Speculation isn't bad per se. Higher prices are a signal to developers to build more housings. But when they are prevented from doing so, prices just stay high.
Paris officials aren't blaming the rich all that much. Empty housing means less infrastructure spending while still benefiting from property taxes
Building new housing doesn't solve the problem. According to studies, increasing the amount of housing built in France by 370,000 (1% of existing 37 million homes currently in France) will decrease the price of housing by a maximum of 2%. So a 40sq meter apartment would go from 400k to 380k ??? Still completely unaffordable for most. In France we build about 400,000 new housing units per year, so we would have to significantly increase building for this to have any impact on housing prices. Not to mention that the construction industry is the largest emitter of greenhouse gases, so building on this scale is not feasible environmentally.
Occupying as many existing housing units as possible in order to avoid building new ones needs to be part of the solution among other policies. And yes, part of the problem is housing speculation. Housing is a fundamental human right, it should not be an investment tool for the rich to get richer.
I haven't noticed anything that looks to be suspiciously similar to other videos, so congratulations on your authentic work
was just looking for a similar video too lol
Thank you for this interesting video. Pay attention, however, to the accuracy of the images displayed : lots of images of Versailles instead of Paris, image of Le Panthéon instead of l’Assemblée Nationale when you talk about policy makers, etc. Details matter !
You can see how much of a problem buy to leave has become in London by getting a train out of Waterloo.
Huge swathes of flats that have been built in the last decade between Vauxhall to Battersea Power station as part of the Nine Elms redevelopment are never occupied.
The biggest indicator is that so few have any lights on in the evening. And that the gentrification has hardly brought any new business to the area.
It does make sense though. Gentrification only causes businesses to pop up, if there's an actual population to require services around newly redeveloped areas
They said that about Canary Wharf after it was built but now it’s booming
Shouldve looked into the province Zeeland in the Netherlands, some months some villages alongside the seacoast are utter ghosttowns due to the vacant housing from Germans.
It is sad that rich people buy property and lets it sit there whilst other people struggle to find a place to rent. It is a problem here in Australia as well..
Why is it sad its their money they can do what they want. Personally i agree its kinda dumb to leave a home open when you could be getting rental income but i understand why if they plan to sell in the short term. Tenants can be trouble and if they refuse to move it can take months or years to move them. My neighbor is tryna sell his house but cant cause the tenants not only stopped paying rent but completely trashed the place. Now the only salvation for that home is to tear it down cause the renovations just aint worth it. When i say he cant sell its not that he cant list the home (it is listed up) however no one wants to buy a trashed home with tenants that refuse to leave because than they inherit the problem of evicting their tenants so until he gets rid of them no ones likely gonna buy it.
@@filip36365 Take this to the logical conclusion: Rich people can do what they want with their money, so they buy up most homes in a city and refuses to rent it out, leaving the city with a low supply of workers, consumers and taxpayers, killing the city in the process.
Should rich people be allowed to kill cities? They can do what they want with their money, and cities shouldn't do anything to preserve their life, right?
You need to check out the rules and regulations about renting property in France. This is one of the reasons the property is empty.
Left unchecked, Airbnb and such would be the reason why no one except the super rich will live in Paris at all!
If you have a house or apartment in the city, at some you'll notice that if you just rented it on Airbnb, you'd make much more than if you did regular rent and living in the property wouldn't make any sense at all!
These Airbnb and Uber. I hate them. I think they also scam their Investors, not just employees, right?
Landlords and taxi drivers are suffering.
Air BnB have destroyed regional Australia, in the region mid-north coast, housing is unaffordable even though chinese investors aren't buying up houses but they are all becoming Air BnB because it is touristic and a holiday goers place. and Mid north coast isn't particulary wealthy. And it is affecting nearly all of regional australia. why leaving the cities is not a viable option anymore if you can't afford the cities.
@@موسى_7 maybe if taxi drivers didnt charge triple what uber does more people would use one. Most taxis in my area dont even have apps yet so the only way to book one ia to call and some people like me hate talking on the phone
@@filip36365 That is exactly what Uber does, it comes at first as very cheap, beats the competition, and then once there is virtually no competition, they rack up their prices. Exploiting their workers the whole time
@@matematicarka well they havent done that in my area so i cant comment on that. Here uber and lyft both compete with each other and the prices arent thay bad. They have gone up recently but ill chalk that up to inflation and rising cost of fuel. I dont take uber often but last time i did it was only $20 or so to travel across my city (about 12km) so that doesnt seem that bad considering gas at the time was $2 a liter
I wouldn't dispute any of this - but do the controls in Denmark work? Copenhagen is one of the most expensive cities in Europe - and let's face it, it isn't Paris or London!
Well yes it does work. It's not perfect but it's the reason Copenhagen is not on the same path as Paris, London etc.
>it isn’t Paris or London
Idk man maybe not smelling piss in the morning, getting stabbed in the street, not being the target of a terror attack justifies Copenhagen being “expensive”
Also cost of living is proportionate to the earnings of those who live there, of course if you compre the cost of living in Copenhagen with a midwestern salary it’s gonna be expensive, but if you take into consideration the great services the danish government provides it is completely justified.
>do the controls in Denmark work
Idk man just compare Denmark to any other country and see where you’d rather live
@@JoseRodriguez-lp7rs Sadly even Copenhagen isn't immune to terror attacks these days. Personally, yes, given the choice I'd choose it over London or Paris, but others clearly don't agree! I wouldn't want to live in London, but fortunately I live about 1.5 hours away.
What are tenancy regulations like? Is it hard to remove a tenent for non-payment of rent? If it’s hard, owners would rather keep it empty. In NYC, it takes 9 months to remove a tenent. In the mean time, the tenent can be destroying the place. Keeping the place empty can make more sense given the tendency regulations. About AirBnB impact, maybe it’s because hotel rooms cost too much? It’s just an economic arbitrage with market forces at work. Separately, and usually, building rules limit the ability of an owner using the unit as an AirBnB. The other owners should make the rules.
It's extremely hard to evict a non-paying tenant in France. Sadly you probably don't speak french, otherwise you could have watched a few news reports or documentaries about it, it can become a complete nightmare for the owners of squatted homes. It could be more than two years to get the squatters out. Appart from the procedure being very slow and offering multiple occasions for the tenant to prove his goodfaith, France has the "right to housing" as a principle and the state has to find an appropriate re-housing solution for the people being evicted, which becomes even more delicate for families with numerous children (and it's often the case).
This is the main reason why the apartments are empty, yet it's not spoken about as it's not the fault of 'the rich'
The average homeowner needs to rely on an income coming from renters meaning they aren’t the main problem for homes remaining empty. Since the homes in this video remain empty long-term, with higher numbers vacant in the city center (some of the most expensive real estate in Paris with high taxes), what does that tell you? Many of them are filthy rich and if they can afford to leave their homes unoccupied, this tells you they have other motives and that they don’t care to rent m. I think in some ways what you said can help but the bigger problem are these rich investors manipulating the market
the fact that only 3000 people are sleeping on the street in a city of 2+ million is insane in itself
Try 12,000,000.
my mom stays in the 13th arrondissement of paris in an apartment building that was built early last year. since she’s a single mother with 3 kids, the city capped her rent at around €675 euros a month for a 3 bedroom apartment. paris habitat (one of the big social housing providers in the city) gave priority to tenants with children. you had to kind of “bid” in order to possibly get a unit within the building due to all of the demand for social housing in the city.
You would think that Paris could start doing that with these long term empty place. they should force the owners to rent to people who need housing with rent control caps. that way the owners make money, the housing gets used, and people get affordable housing.
This is how you stop new housing from being built
@@chraman169 Housing is rarely being built in Paris, there's just no space left, we do not need incentives to build
@@chraman169 you never lived in an european city did you
@@artcorbeau Strawman
is it a problem? Paris is crowded enough as it is.
Half the people who do live in Paris live in tiny apartments no bigger than a room elsewhere. I knew a school teacher who had to save until middle age to get one such.
Never understood why anyone would want to live in Paris when there are so many other much better and much cheaper big cities in France. So, yes wages will be a little lower, but the cost of living and the quality of life will be much better. Lyon, for example, is so much better than Paris at all levels.
It’s not 3,000 unhoused it’s 30,000
(For comparison LA is around 70,000 for a similar amount of inhabitants)
Video fails to mention the huge protections that renters have in France. Owners don't want to rent, even if forgoing tax and income, because they can get trapped into losing control of the property with tenants they can't evict for years. Do a video on the all the protections renters have in France and the nightmare that owners can end up in. A force so strong that the result is many places just being withdrawn from the rental market and many never being built. Explain how tenant protection regulations can (and give the concrete examples of where they have) result is fewer rental places, higher rents and empty properties.
"you should falsely explain that thing I believe in"
Some years ago, a couple of friends who were living in a large town in France, in building within walking distance of the stadium had 'ghost neighbours' upstairs, who were showing up only on evenings when a match was played by the local Premier League here... They had bought the flat when they were young, and finished paying it, had received inheritance in the meantime and could afford a new home from scratch in the countryside as a new main home. So the flat near the stadium was kept as a secondary home, used only 2 nights per month...
Anyway, the video could have been more detailed about the recent history of housing in Paris, especially the huge impact of Chirac's policies that led to massive transformation of flat or whole residential buildings into offices...
Real estate is typically a market that can be ruled only by supply and demand. We all want to live in the Centre of a beautiful city but if we can’t afford it, we will not. No degree of self entitlement can overcome this.
Just fix the prices by law.
How is that a problem for the city govt. to fix? Less strain on the city infrastructure,less water use,less Healthcare etc. I make money pay taxes on it and I must pay extra taxes if I own an asset that is not rented out to strangers. Why is that a public good?
in France you can't kick out tenants if they don't pay the rent, don't report problems like water leaks such so you get it fixed or straight up ruin the logement interior, when you manage to get rid of them you're not to keen on leaving the apartment for rent just to resume the ordeal right after fixing it. My sister had to deal with it with her apartment she straight up sold it, you cant have a job and deal with it on the side. i know peoples who own several apartment and rent them its like dealing with pre teen children in many cases, everting is left to decay noting is kept properly.
Obviously Denmark has a much different concept of private property.
it's still private property. I don't even think this policy even helps much because prices in Copenhagen are still insane
@@theactivecoconut6077 How is it private property if you can't decide how to use it?
@@EdgePitSwing
ok so can i play extremely loud music that disturbs the entire neighborhood all day every day. for its my property?
can i put a toxic factory in my house in the city, for its my property?
can i put in nuclear reactor in my backyard for it's my property?
you are just forced to rent a house you don't use, if you want to use it, then use it for god's sake and it will never happen. building and grounds not zoned as housing is of cores not affected by that law.
@@crazydinosaur8945 Your comparisons are dumb and exaggerated.
Private property doesn't mean you don't have to follow the rules. The idea of "rules don't apply to me because I'm sPeCiAl" is very, _very_ far from the Danish psyche.
If you are a seasonal worker or wtv, you are screwed because of the policies that the govt put in place. No one wants to rent to you.
Rents are very controlled and it is extremely hard to evict a bad tenant.
Your video is interesting. The problem with Paris is not only airbnb is housing laws that are largely in favor of tenants over owners/ landlords. As you mentioned a lot of landlords prefer to keep the place empty and not taking the risk of having bad tenants.
I have to admire the way you transitioned into the sponsorship with masterworks, very smooth and didn't intrupt the video's main topic.
Baguettes are bread
The Eiffel Tower is Brass
When OBF uploads, I click fast
damn that's true to be honest
The Eiffel Tower is wrought iron.
Roses are red
Violets are blue
Your poem sucks
But your statement is true
That title is very misleading.
17% is far from being a quarter.
And an Airbnb is not empty, it has tourists in it.
Hotels are not condidered empty even though over the year their average occupancy rate can be very low.
Paris population peaked in Pre-WW1 at 2.8 Million people ,then it has always decreased ,nowadays ,it has 2.12 Million people ,2nd most populated department after Le Nord (The North ,most northern French department ,where Lille is) that have 2.6 Million people (Which is the same exact amount of population all of France overseas territories combined possess) .
The 3rd and last French department that have over 2 Million people is Bouches-du-Rhône (Marseille department) ,which have 2.04 Million people ,and in 4th ,the Rhône department (Lyon department) that possess 1.87 Million people .
Property taxes in France are very low compared to America, so if you own a place in Paris it might be taxed at 4k per year, in an American City a place of the same actual value in terms of sales price the taxes might be 25k to 50k.
Great video as always. Just to add, cities like Paris should also ban rich people from owning multiple properties or at least heavily tax the rich with multiple properties and use that money to build social housing.
Why a picture of Versailles ? It is not in Paris
Unfortunately they would rather nobody live in these properties than a family live there because they think it's to lower the property value if poor live there....Rich people are so cruel
Those are not empty. Actually they live here. They have another house in other towns where taxes are less expensive. Those secondary homes are empty most of the time like in Bretagne and they come over only three weeks per year (but they say they live there at least 6 months which isn't true)
What is bad in Paris is that it's too much regulation. For those willing to be a tenant it should be easy to rent if you have the money, but it's very difficult with too much paperwork. Also, it should be easy to evict someone, there is way too much protection for bad tenants. By removing the regulation you let the city life. By failing to do so the city dies.
London has many empty houses as well..
This is a serious problem which makes housing market unafordable for people :(
The laws that are supposed to protect tenants is the reason why people don't want to rent in France.
If tenants don't pay or damaged to the flat, you can spend years to get back what's yours and if you're willing to pay thousands in procedures, maybe one day, long, long time after you'll start to get few payments.
Totally legit that you have a sponsor now, but you're mixing it into the story and that's a real problem of separation of church and state, mate
"Find a tenant for you and force you to let them live there"
And surely I found people cheerleading this 🙄
There is another side to this problem. A major industry in Paris is tourism, and few visitors can afford luxury hotel prices. The inexpensively priced hotels have largely been converted and renovated into expensive luxury apartments. AirBNB would never have become popular if their had been a shortage of inexpensive lodging. I wonder how these numbers compare.
Hey OBF, could you make a video about the homeless problem in Germany? I have been there and notices the amount of homeless; so I’ve done a little searching online and it appears Germany has the most homeless people in Europe, even more homeless than In the USA combines. Would be super cool thank you!
I had no idea, we had that law in Denmark, but I'm glad we do considering Copenhagen's own housing problems.
I don't know about France, but the vast majority in America of homeless people are people who are completely insane. Nobody wants them anywhere near them, let alone inside their property or their apartment building. All you have to do is walk around the homeless encampments in any major American city to experience this for yourself. We have closed all our insane asylums because to put mentally ill people under confinement is "inhumane"; only to have them now wandering around on our streets just like a Zombie Apocalypse. Who makes these rules? Certainly not people who have to live with the results.
Holy crap. There’s only 3k homeless in Paris? Compared to the US that’s really really low.
As an American I alone get to decide who lives in the property I paid for. If the government wants to house someone let them buy their own house
Isn’t it better, if less people live in the city center and more people live outside so there’s an incentive having less geographic disparities
like suburbia?
Apart from my own sceptical opinion of the housing market, I dont see how this is a market failure. Residences are offered to tourists who have a higher willingness to pay. Supply meets demand and thats excaclty what the role of the market is. Economic welfare is maximised. If you exclude tourists from the market, rents go down and the overall welfare decreases. This is of course favourable for long term renters but tourists and the owners lose. You could argue that this is politically favourable, but there is no market failure in the sense of its definition.
Why no increase in supply? The extra taxes on these could provide the funds to subsidize builders. Large units could be made into more small units. If 25% are to be vacant and supply increased 25% the short term profits would go away and rents drop
Empty houses are not the problem, who cares if they are empty. The problem is homelessness and affordability. In Paris we know 3000 are homeless,thats what he said right? I just looked it up and a quick google search says that there are SIX THOUSAND homeless in Copenhagen, half of the homeless population of Denmark. The next stat I saw was .12% of the Denmark population, which is ok I'm that bad at math, 5.8 million people, thats 580000 is ten percent, thats 58000 is one percent, thats 5800 is .1%, is that right? And thats despite technically homelessness is ILLEGAL in Denmark. But thats MORE than Paris, somebody else can look it up, but it seems that if you have MORE homelessness then its likely you also have more affordability problems, so you can't very well brag that your system is better than somebody elses.
But highlighting public policy is a good point. Obviously the issue is a little more complicated IF that many are homeless in Copenhagen. It sounds like it MAY just have better PR though. I found numerous organizations talking about this, so if Denmark has such a strong safety net and STILL has that many homeless, thats a complicated issue. A number of polls of people are finding that danes are like many, and just saying 'the homeless are all junkies and WANT to live on the street'. And yet in these kinds of stories nobody ever actually ASKS the homeless people what they want.
i dont really see why airbnb is a problem, the new policies cap the days you can rent out your house, and what happens the rest of the year? i doubt someone will rent a house for 2/3 or 3/4 of a year, so itll probably stay empty after the airbnb cap is reached and airbnb boosts the tourism industry by offering "cheaper" places to sleep than hotels which is obviously a good thing
Because it artificially increases demand and prevents large swathes of the local population from having a place to live?
Or are you going to say homeless people are better for the economy than people actually able to hold down a job and buy household goods?
@@OatmealTheCrazy i think demand has always been there and airbnb made it more accessible
Easy: it is too legally risky to rent a home/apartment.. so the speculator keep their places empty.
Simplify the law, reduce the risk for landlord and the situation will normalize.
If all of these unoccupied homes were up for rent the rental cost would be quite big. How would that help the homeless?
That's the opposite of how supply and demand works. If all of those homes were for rent, that means the price would go down [unless it's a monopoly and a majority of those rental homes are owned by the same person/corporation and they can manipulate prices]. If the price goes down, the homeless who have jobs [of which there are many] would be able to afford to live in an apartment they were previously priced out of.
It is like this in every city. People own apartments they do not reside in permanently. People cannot buy the homes, cause it's already someone elses property. This increases the prices of the other homes that are available. This is yet again, another reason why capitalism is terrible. Someone who's rich can buy a whole block of apartments, and simply occupy them to then sell them for way higher than their actual value. You as a normal, average citizen has no control over the housing market and it's prices. But those with money can chose whatever number they feel like.
solution: get money, nobody needs to live in champs elysees. the problems is that often these speculations become socialism for the rich, bad as the one for the poors. high property taxes for non resident or un rented homes, sensing renting laws (no pay, evicted in 30 days like in switzerland), limited freeholds like in gulf countries are good solutions for starters. govt usually is the problem not the solution
@@moneyobsessed "Socialism for the rich" is the perfect way of describing our system.
you can buy cheap apartment in suburbs
If these are investors that own this I am guessing they are familiar with the entire concept of rental property without you telling them. The problem is you never receive your property back in the same condition you rented it out. As a landlord I could tell you endless horror stories of vandalism, including an intentional flooding causing $35,000 in damage due to the tenant being angry over losing his job. Something the landlord had no control over. Parisians are notoriously resentful of anyone they believe has more money than they do so tenant vandalism and the inability to evict non-paying tenants is a problem. I am also guessing many of those apartments being rehabilitated were trashed by previous tenants. It is bad enough that it makes financial sense to nope out and forego tens of thousands of euros in revenue every year. If Paris wants more rental stock they should look at making it more viable for landlord.
Ah yea the poor landlords, always crying crocodile tears.
@@Bobylein1337 They provide safe, sound housing on terms you agreed upon when you signed the lease and somehow they're the bad guy.
@@nunyabidness117 "you agreed upon"
Yea, I mean sure, I could live on the streets otherwise instead of paying a third of my income to pay their debt off
I'm generally in favor of certain types of housing regulation. However, at a glance I'm not certain about the idea of capping Airbnb days per year. If the homes are being rented out to bnb'ers for a majority of the year, does that not mean there is unsatisfied demand for this type of accommodation? I would expect this kind of regulation to simply move things around, rather than fix a problem.
I've generally seen the issues cities like Toronto and Sidney face to primarily be with speculators, particularly overseas.
obviously missing the point. if you don't live in the place you own, it is better for the city to have a long-term tenant occupy the property as they will be an active member of the society UNLIKE most people who stay at airbnbs.
The demand will be met by hotels, as it always has. Foreigners don't get to decide the future of the city because they think hotels are lame
@@vitezroman8569 I would expect tourism money to be among the best kinds for a city (from a taxbase perspective) compared with pushing bottom earners farther out (all morality aside). I really must be missing the point. A bnb which has a tourist in it 180 days per year is still housing a warm body that is giving money to the city.
@@AustinPerdue People who stay in arbnbs instead of hotels are not really the kind of people that bring much money to a city. A long-term tenant would definitely bring a lot more.
It's true that the demand for cheap but still clean tourist accommodation is there. But if it cannibalizes your housing market, then you're losing out.
You shouldn´t be able to own a home if you´re not going to live in it. The global housing market is absurd rn and for young people fresh out of school it´s in many cases impossible to find a place to live without paying so much money you´re going to have to skip meals. Who gives a fuck about tourists wanting to live in an airbnb in the city if that means another person who actually works there and participates in the community has to move away or live on the street.
I diagree strongly. AirBnBs exist to serve a demand, restricting them only harms humanity when taken as a whole. This is some NIMBY behavior that is driven by local elitism.
1 - prohibit corporations from owning housing
2 - if a home is not being occupied by its owner/rentee tax the owner handsomely to make it finantially impossible to keep it unoccupied.
Housing is foremost a human right and financial investment shouldn't impeed this.
Thumbs down. Because you do not understand how the market works DOES NOT mean there is a market failure.
That is terrible. Forcing renting a property on you should be illegal. It is entirely your business what you are doing with your property. I didn't know Danish government had communist tendencies...
Bring in the land value tax! Georgism pave the way
and VACANCY TAX
Hell no
I guess you can't easily kick out/evict non-paying tenant, so finding proper tenant is difficult.
It should be forbidden to own empty homes as investment. It’s a waste of space and it raises the price for people looking for home
Why are you making real estate investing look like a crime? There is nothing weird about someone owning a home in another city, for alternative residence or investment.
Funny that you're doing an ad for investing in fine art during a video about unoccupied urban dwellings, as many major cities have thousands of square feet of warehouses near their airports that only exist to store contemporary art in the dark for rich people to trade back and forth to each other.
Congratulations for 400 k subscribers
france just needs to create or move gov't jobs OUT of Paris, the current situation is absurd. you can do it in several ways, one is devolution the other is just distributing office and enabling FULL remote working (so that you don't need a secondary home in the city)
They dont want because its a business x) youre so naive
20% of French workers are employed directly or indirectly by the government. The rest behave like functionaries because of worker protection laws and an anti business/entrepreneur environment. France needs devolution whether or not it addresses an alleged housing problem in Paris. The fact that so many foreigners invest in Paris is only a testament to the city’s value to the world. The French should adequately exploit the rest of its rich & beautiful country instead of limiting what people can do with their own private property
@@yucafries7681 France has the highest amount of entreprise creation. Deregulation has happened and now, the french workers are working more than before (40h average). Salaries, in consequence, are low and rent high.
If there is something to complain about here, its the lack of state intervention.
@@yucafries7681 you are completly outdated. France has a very pro business policy.
I don't like that solution. The city of Paris is extremely small in size, majority of Paris is located outside the historical center. And given that in historic center, where 2 mln people live, has only ~18 000 apartments emty - that is very low of a number and doesn't create any problem. But taking secondary houses from people is unacceptable unless there is a real problem. And since there are a lot of low-storey houses just outside the City - why not demolish them and build 20-30-storey apartment blocks instead? Low-storied houses outside historical center are the problem, not the secondary housing. Argenteuil is more than 4 times larger that Zyablikovo in Moscow, but has less population! That is the problem, not the secondary apartments
Oh yes, isn’t it fantastic when you can’t have full control of your own damn property?
You don’t get to say using all our houses as investments is bad but capitalism is good. Stand for good or greed pick a side
more and more people are leaving paris to cities like bordeaux,toulouse or nice due to works and paris is not charming anymore for us.
The quality of life is so much better in these cities. Better weather, better food, much cheaper, surrounded by the mountains or the sea, friendlier people...
A complex problem as you have the competing forces of free market capitalism - the rights of people to invest their money how they want - versus the socialist issue that everyone should have the benefit of a secure and permanent home. It would seem, fortunately, that councils and governments are looking beyond the obvious clash and essentially either asking property owners to exercise their capitalist rights responsibly (and if they do, so their property one way or the other does not lie empty) - or if they would otherwise be quite happy leaving them gathering dust, to be imposing quite hefty taxes on that "privilege". Perhaps another way of ensuring optimal utility of such city real estate which I'm not sure was covered, is the introduction of incentives, perhaps tax breaks instead of taxes, for those whose property is well managed.
This phenomenon is very grave in London where I live. Not only do you get the increased rent/scarcity of adequate housing for thousands as described in the video, another effect which is perhaps less often considered, is the diminishing custom to local businesses. About 8 or 9 years ago, I went to a really great French restaurant in Knightsbridge called Racine to celebrate a friend's 50th..... we had such a memorable experience and for the type (read quality) of the neighbourhood, you could not imagine a business more appropriate and fit for purpose. It was therefore somewhat wistfully, that I learned of its closure in June 2015. The article in Big Hospitality included an interview with the former owner who quite simply stated that what was a sustainable enterprise when he had opened just after 2000, had deteriorated by the gradual emigration of the authentic denizens of the area which had been replaced by Russian, Chinese and Middle Eastern property speculators. This is a much worse problem even than it seems since, not only are the owners of formerly prosperous shops and businesses losing their livelihoods, their exit from a Borough effectively guts the area and that in turn, diminishes the draw to the area which is good for absolutely no one.
It is right, therefore, that governments "see the big picture" and perhaps clip the wings of over enthusiastic investors to maintain or improve the "shape" of a district by ensuring the ongoing protection or development of the physical environment and what it has to offer regarding commercial, sporting, cultural and/or community facilities. Again, I do not feel that turning whole swathes of London into a ghost town is particularly helpful to anyone in the medium to long term - or the short, for that matter......
Whats insane is that Paris has an astronomical homeless problem, No matter where you go or are in the city, even in the wealthiest districts, the streets are sometimes full of people without homes
It’s the case in all big global cities. New York, Los Angeles, London … in all democracies let’s say
@Graf von Losinj GFY
weird, as if the two were somehow connected through an economic system that see housing not as a right but a mean to speculate and make money
Imagine people doing what they want with their own property and the government comes along, forcing a vagrant upon them...
I don't understand why cities with housing shortages don't put a huge tax on housing that are left vacant. Those taxes could then be used to subsidize low income housing.....
Tax is theft, commie.
Or just… build affordable housing. Everything doesn’t need to be super zoned and “luxury” but it’s happening world wide it seems.
@@cjthompson420 What is the benefit of a city like Paris building affordable housing?
Landlords are charging too much for rent.
You would think a lot of vacant houses would lower rent and buying homes.
Also in Denmark there’s a lot of empty houses
It's the equivalent of leaving several rooms empty in your house, just on a city scale
No thank you! In many markets you can run a credit check but not a criminal background check. I have seen countless neighbors have their homes demolished by suspect renters who can't buy a home due to unstable income or due to a pattern of irresponsibility. You will find renters using drugs (fouling up the paint) and renting out rooms to friends. You may have up to three or more families sharing one home.
Land value tax would fix this
also, low vacancy rates are a way bigger problem than an excess of vacanies.
This and zoning reform.
That was the smoothest transition to an ad, my God
'Find a tenant for you and force you to let them live there'
Interesting method but effective.
Sounds horrible for the owner . Not everyone wants to be a landlord and handle the responsibilities.
Especially in pro tenet cities
@@johnsamuel1999 Then don't buy a house that you won't use for majority of the year.
@@katepausig8562 thats not for other to decide except the owner . No one whould be forced to perform social service in exchange for buying a house
@@johnsamuel1999 The alternative is speculation, which leads to much worse outcomes for more people.
@@iwiffitthitotonacc4673 give up this kind of people only think in "MONEY how can i make MORE MONEY FOR MYSELF. oh he's homeless don't care i make MONEY!
what with a policy like that, how will the rich get richer while keeping the poor at the bottom, the poor rich people dont have it easy"
not in policies that help the greater good. and make Denmark one of the most social equal and rich countries, with great social services and workers rights etc
First the art market is a fraud for rich people by rich people so advising to invest in such a market is irresponsible.
Second, secondary homes (flat which are not inhabited) are taxed a lot and are a large part of revenue for the municipality.
Third, a lot of rich people from outside the EU do invest in Paris and London to enjoy the advantages to live in the EU for Paris or the Commonwealth for London with all their fiscal paradise and fiscal/regulatory stability.
Fourthly, in France, you are usually born outside of Paris, go to Paris to study and work until you have a family and good enough career to move outside of Paris (and even it's suburban area) and some people keep their parisian flat and buy a home elsewhere without taking care of the parisian flat (maybe to sell it later as you said) because renting is a pain in the ass in France and you can't kick out your renter if he doesn't pay the rent (sometimes it takes 3-4 years for the justice to kick out the guy).
Fively, some entire districts are inhabited because they are in vast majority offices (8th,7th,1st,2nd,3rd,4th,6th districts) and so there is a vacancy more important in offices and especially because of Covid there's no need for such space of office since people work at home.
This was some explanations to complete your video