Airbnbs these days are a dime a doze in Paris but this boom is escalating an already pressing housing crisis.
According to Le Parisien, Paris’ city council is poised to restrict, and potentially ban, tourist rentals in the city’s most densely populated sectors. Key areas like the Eiffel Tower district, the Champs-Elysées, the Marais, Montmartre, and the Latin Quarter will likely be the focus of these measures.
The digital age has seen a surge in popularity for online rental platforms like Abritel, Booking and Airbnb. They’ve become such hot favorites that they often replace traditional hotels, even for brief stays. While these platforms undoubtedly offer affordable lodging, the situation begs the question: at what cost?
The most glaring fallout from this boom is the skyrocketing rental prices it has spurred. As demand for these accommodations surge, owners ramp up prices, leaving low-income tenants in an untenable position. They find it impossible to stay in neighborhoods that have been home to them for years. Students, in particular, bear the brunt of this change.
In Paris alone, there are around 43,000 furnished tourist accommodations. But according to the city council, this number might just be the tip of the iceberg. Thus, elected officials are prioritizing a future “rebalancing” effort.
A local urban plan to enact these measures will be under scrutiny at the Paris Council meeting in June. This plan is a supplement to regulations aimed at converting small businesses into housing.
Despite the plans, officials are wary of investors shifting their focus towards converting these spaces to offices. Plus, the upcoming 2024 Olympic Games could cause further upheaval in rental housing due to a predicted surge in demand.
The coming years will certainly be a challenging period for Paris’ housing landscape.
Photo by Snapwire.