Deprecated: Creation of dynamic property wpdb::$categories is deprecated in /home/webpmefrjv/logement/wp-includes/wp-db.php on line 668

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Deprecated: Return type of WP_Theme::offsetExists($offset) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-theme.php on line 554

Deprecated: Return type of WP_Theme::offsetGet($offset) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-theme.php on line 595

Deprecated: Return type of WP_Theme::offsetSet($offset, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-theme.php on line 535

Deprecated: Return type of WP_Theme::offsetUnset($offset) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-theme.php on line 544

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/webpmefrjv/logement/wp-includes/comment-template.php on line 1745

Deprecated: Return type of WP_REST_Request::offsetExists($offset) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/rest-api/class-wp-rest-request.php on line 960

Deprecated: Return type of WP_REST_Request::offsetGet($offset) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/rest-api/class-wp-rest-request.php on line 980

Deprecated: Return type of WP_REST_Request::offsetSet($offset, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/rest-api/class-wp-rest-request.php on line 992

Deprecated: Return type of WP_REST_Request::offsetUnset($offset) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/rest-api/class-wp-rest-request.php on line 1003

Deprecated: Return type of WP_Block_List::current() should either be compatible with Iterator::current(): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 151

Deprecated: Return type of WP_Block_List::next() should either be compatible with Iterator::next(): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 175

Deprecated: Return type of WP_Block_List::key() should either be compatible with Iterator::key(): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 164

Deprecated: Return type of WP_Block_List::valid() should either be compatible with Iterator::valid(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 186

Deprecated: Return type of WP_Block_List::rewind() should either be compatible with Iterator::rewind(): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 138

Deprecated: Return type of WP_Block_List::offsetExists($index) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 75

Deprecated: Return type of WP_Block_List::offsetGet($index) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 89

Deprecated: Return type of WP_Block_List::offsetSet($index, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 110

Deprecated: Return type of WP_Block_List::offsetUnset($index) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 127

Deprecated: Return type of WP_Block_List::count() should either be compatible with Countable::count(): int, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/class-wp-block-list.php on line 199

Deprecated: Creation of dynamic property Cookie_Notice::$options is deprecated in /home/webpmefrjv/logement/wp-content/plugins/cookie-notice/cookie-notice.php on line 141

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Deprecated: Creation of dynamic property Cookie_Notice::$welcome_frontend is deprecated in /home/webpmefrjv/logement/wp-content/plugins/cookie-notice/cookie-notice.php on line 121

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/webpmefrjv/logement/wp-content/plugins/duplicator-pro/addons/probase/src/License/Notices.php on line 100

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Deprecated: Creation of dynamic property POMO_FileReader::$_f is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/streams.php on line 160

Deprecated: Creation of dynamic property MO::$_gettext_select_plural_form is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/translations.php on line 293

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/webpmefrjv/logement/wp-content/plugins/updraftplus/class-updraftplus.php on line 955

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Deprecated: Creation of dynamic property POMO_FileReader::$is_overloaded is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/streams.php on line 26

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Deprecated: Creation of dynamic property POMO_FileReader::$_f is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/streams.php on line 160

Deprecated: Creation of dynamic property MO::$_gettext_select_plural_form is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/translations.php on line 293

Deprecated: Creation of dynamic property POMO_FileReader::$is_overloaded is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/streams.php on line 26

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Deprecated: Creation of dynamic property POMO_FileReader::$_f is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/streams.php on line 160

Deprecated: Creation of dynamic property MO::$_gettext_select_plural_form is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/translations.php on line 293

Deprecated: Creation of dynamic property POMO_FileReader::$is_overloaded is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/streams.php on line 26

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Deprecated: Creation of dynamic property MO::$_gettext_select_plural_form is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/translations.php on line 293

Deprecated: Creation of dynamic property POMO_FileReader::$is_overloaded is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/streams.php on line 26

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Deprecated: Creation of dynamic property MO::$_gettext_select_plural_form is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/translations.php on line 293

Deprecated: Creation of dynamic property Cookie_Notice_Settings::$revoke_opts is deprecated in /home/webpmefrjv/logement/wp-content/plugins/cookie-notice/includes/settings.php on line 58

Deprecated: Creation of dynamic property POMO_FileReader::$is_overloaded is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/streams.php on line 26

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Deprecated: Creation of dynamic property MO::$_gettext_select_plural_form is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/translations.php on line 293

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/webpmefrjv/logement/wp-content/plugins/so-widgets-bundle/base/inc/widgets/base-slider.class.php on line 608

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Deprecated: DateTime::__construct(): Passing null to parameter #1 ($datetime) of type string is deprecated in /home/webpmefrjv/logement/wp-includes/script-loader.php on line 333

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Deprecated: Creation of dynamic property MO::$_gettext_select_plural_form is deprecated in /home/webpmefrjv/logement/wp-includes/pomo/translations.php on line 293

Deprecated: Return type of Requests_Cookie_Jar::offsetExists($key) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/webpmefrjv/logement/wp-includes/Requests/Cookie/Jar.php on line 63

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{"id":8958,"date":"2021-07-01T22:43:11","date_gmt":"2021-07-01T20:43:11","guid":{"rendered":"http:\/\/logement.web-pme.fr\/?p=8958"},"modified":"2021-07-06T08:41:47","modified_gmt":"2021-07-06T06:41:47","slug":"developpement-de-loffre-de-logement-locatif-intermediaire-par-les-investisseurs-institutionnels","status":"publish","type":"post","link":"https:\/\/logement.web-pme.fr\/2021\/07\/developpement-de-loffre-de-logement-locatif-intermediaire-par-les-investisseurs-institutionnels\/","title":{"rendered":"D\u00e9veloppement de l\u2019offre de logement locatif interm\u00e9diaire par les investisseurs institutionnels"},"content":{"rendered":"

Rapport de l\u2019Inspection g\u00e9n\u00e9rale des finances et du Conseil g\u00e9n\u00e9ral de l\u2019environnement et du d\u00e9veloppement durable.<\/em><\/strong><\/p>\n

La premi\u00e8re qualit\u00e9 de ce rapport est de r\u00e9unir une documentation statistique \u00e9parse qui, bien que lacunaire, permet aux rapporteurs d\u2019estimer le stock et la production de logements locatifs interm\u00e9diaires et de chiffrer les besoins. D\u00e9fini (implicitement) comme le parc dont les loyers se situent entre les loyers de march\u00e9 et les plafonds de loyer du PLS, le locatif interm\u00e9diaire n\u2019est donc n\u00e9cessaire que dans les p\u00e9rim\u00e8tres o\u00f9 l\u2019\u00e9cart entre ces deux niveaux est significatif. C\u2019est en \u00cele-de-France, sur une grande partie de la c\u00f4te m\u00e9diterran\u00e9enne, dans le Genevois fran\u00e7ais, le Lyonnais et le Bordelais que les besoins sont les plus aigus. Dans ces zones, et \u00e0 un degr\u00e9 moindre dans certaines autres agglom\u00e9rations, l\u2019acc\u00e8s \u00e0 un logement locatif des m\u00e9nages dont le revenu par unit\u00e9 de consommation se situe, grosso modo, dans le troisi\u00e8me quartile de la distribution exige un taux d\u2019effort excessif. A partir de ce constat, tir\u00e9 d\u2019une \u00e9tude cibl\u00e9e sur l\u2019Ile-de-France, les rapporteurs notent\u00a0 que \u00ab\u00a0ce c\u0153ur de cible se situe tr\u00e8s largement en dessous des plafonds du PLS et toujours nettement en dessous des plafonds r\u00e9glementaires du logement interm\u00e9diaire\u00a0\u00bb. Elle n\u2019en tire cependant pas de cons\u00e9quence quant \u00e0 la compl\u00e9mentarit\u00e9 entre le logement social (dont rel\u00e8ve le PLS) et le locatif interm\u00e9diaire. Car si ces deux segments de l\u2019offre s\u2019adressent aux m\u00eames tranches de revenus, comment expliquer que la loi SRU consid\u00e8re les premiers font partie du parc social, mais pas les seconds\u00a0? Et pourquoi ne pas chercher, pour r\u00e9pondre \u00e0 ces besoins, \u00e0 augmenter la production de PLS\u00a0?
\nSi les rapporteurs ne r\u00e9pondent pas explicitement \u00e0 cette question, la raison est \u00e9vidente \u00e0 la lecture de la suite du rapport, qui s\u2019int\u00e9resse \u00e0 la possibilit\u00e9 de faire financer la production de locatif interm\u00e9diaire par le march\u00e9 et aux moyens d\u2019y parvenir. Ils r\u00e9pondent ainsi \u00e0 la demande de la lettre de mission d\u2019\u00e9laborer \u00ab\u00a0des propositions op\u00e9rationnelles pour permettre une mont\u00e9e en puissance des investisseurs institutionnels sur le march\u00e9 du logement locatif interm\u00e9diaire, avec une utilisation plus efficace des deniers de l\u2019Etat et sans \u00e9viction de l\u2019offre sociale ou priv\u00e9e\u00a0\u00bb. L\u2019essentiel du rapport est donc logiquement consacr\u00e9 \u00e0 ces propositions.<\/p>\n

Une demande tr\u00e8s sup\u00e9rieure \u00e0 l\u2019offre actuelle<\/h3>\n

Avant de les aborder, revenons sur l\u2019\u00e9valuation de l\u2019offre et de la demande. L\u2019offre est relativement facile \u00e0 chiffrer, car elle \u00e9mane pour l\u2019essentiel d\u2019op\u00e9rateurs publics ou parapublics. La contribution du parc des bailleurs personnes physiques est mince : les effectifs des logements conventionn\u00e9s par l\u2019Anah, non chiffr\u00e9e, est \u00ab tr\u00e8s limit\u00e9e \u00bb et les logements produits dans le cadre des dispositifs fiscaux Pinel ou ant\u00e9rieurs sont situ\u00e9s tr\u00e8s majoritairement \u00ab dans les zones B1, B2 et C, l\u00e0 o\u00f9 les loyers de march\u00e9 ne sont g\u00e9n\u00e9ralement pas \u00e9loign\u00e9s des loyers sociaux \u00bb ; seuls 30% environ sont localis\u00e9s dans les zones Abis et A. En outre, \u00ab le maintien de cette offre \u00e0 des niveaux de loyers contraints n\u2019est pas garanti au-del\u00e0 des \u00e9ch\u00e9ances contractualis\u00e9es avec l\u2019\u00c9tat, variables de 6 \u00e0 12 ann\u00e9es \u00bb. En cons\u00e9quence, les rapporteurs estiment que seuls 31 000 \u00ab r\u00e9pondent r\u00e9ellement \u00e0 la demande de logements interm\u00e9diaires. L\u2019essentiel de l\u2019offre \u00e9mane donc d\u2019investisseurs institutionnels, dont le parc interm\u00e9diaire se d\u00e9compose comme suit :
\n– 53 000 logements financ\u00e9s en pr\u00eats locatifs interm\u00e9diaires (PLI) appartenant \u00e0 des organismes de logement social ;
\n– un peu plus de 55 000 logements agr\u00e9\u00e9s dans le cadre du dispositif fiscal mis en place en 2014 \u00e0 l\u2019intention des institutionnels, dont 32% pour chacun des deux op\u00e9rateurs parapublics CDC habitat et In\u2019li, 32% \u00e9galement pour les organismes de logement et 4% seulement pour les investisseurs institutionnels priv\u00e9s.
\nCette production est \u00ab\u00a0situ\u00e9e tr\u00e8s majoritairement dans des zones tendues o\u00f9 les besoins sont av\u00e9r\u00e9s\u00a0\u00bb.
\nAu total, l\u2019offre est donc estim\u00e9e \u00e0 140\u00a0000 logements. C\u2019est bien trop peu pour satisfaire une demande que les rapporteurs, en se fondant sur l\u2019extrapolation \u00e0 la France enti\u00e8re d\u2019une \u00e9tude conduite sur l\u2019Ile-de-France, estime se situer dans une fourchette de 320\u00a0000 \u00e0 560\u00a0000 m\u00e9nages.
\nPour y faire face, en supposant que l\u2019effort soit \u00e9tal\u00e9 sur 10 ans, \u00ab la production annuelle devra augmenter de 13 000 logements agr\u00e9\u00e9s en 2020 jusqu\u2019\u00e0 un niveau compris entre 18 000 \u00e0 42\u00a0000\u00a0\u00bb.<\/p>\n

Comment faciliter le retour des institutionnels<\/h3>\n

De leurs entretiens avec des repr\u00e9sentants d\u2019investisseurs institutionnels, les rapporteurs concluent que ces derniers \u00ab\u00a0manifestent un regain d\u2019int\u00e9r\u00eat pour l\u2019immobilier r\u00e9sidentiel en g\u00e9n\u00e9ral et le logement interm\u00e9diaire en particulier\u00a0\u00bb. Ce jugement confirme l\u2019analyse d\u00e9velopp\u00e9e dans un article publi\u00e9 r\u00e9cemment sur ce site[1]<\/a>. Toutefois, le niveau des investissements dans le secteur, bien qu\u2019en hausse, reste pour l\u2019heure bien inf\u00e9rieur \u00e0 ce qui serait n\u00e9cessaire pour faire face aux besoins\u00a0: environ 750 millions d\u2019euros par ans, en moyenne de 2016 \u00e0 2019, alors que le montant estim\u00e9 pour r\u00e9pondre \u00e0 la demande dans un d\u00e9lai de dix ans est de 2 \u00e0 4,5 milliards d\u2019euros par an.
\nL\u2019augmentation souhait\u00e9e d\u00e9pend de deux conditions\u00a0: la capacit\u00e9 d\u2019utiliser le foncier disponible et l\u2019acc\u00e8s \u00e0 des ressources financi\u00e8res suffisantes.
\nLa mobilisation du foncier rel\u00e8ve en grande partie de l\u2019attitude des collectivit\u00e9s locales. Elle se heurte \u00e0 plusieurs obstacles : l\u2019incitation de l\u2019Etat \u00e0 la sobri\u00e9t\u00e9 fonci\u00e8re, objectif partag\u00e9 selon le rapport par un nombre croissant de collectivit\u00e9s ; l\u2019exon\u00e9ration de taxe fonci\u00e8re, impos\u00e9e par l\u2019Etat mais non compens\u00e9e par lui
[2]<\/a>\u00a0; la concurrence du logement locatif social\u00a0; l\u2019insuffisance (car r\u00e9cente) prise en compte des besoins dans les PLH et autres documents d\u2019urbanisme\u00a0; l\u2019impact du prix du foncier, qui p\u00e8se sur l\u2019\u00e9quilibre financier des op\u00e9rations.
\nLe rapport en conclut que \u00ab\u00a0la lev\u00e9e des r\u00e9ticences des communes appara\u00eet comme la premi\u00e8re priorit\u00e9. La substitution de l\u2019exon\u00e9ration de taxe fonci\u00e8re sur les propri\u00e9t\u00e9s b\u00e2ties (TFPB) dont b\u00e9n\u00e9ficie aujourd\u2019hui le logement interm\u00e9diaire institutionnel par un cr\u00e9dit d\u2019imp\u00f4t semble devoir \u00eatre privil\u00e9gi\u00e9e\u00a0\u00bb.
\nIl convient en outre de \u00ab\u00a0favoriser l\u2019allocation des ressources vers le logement interm\u00e9diaire par l\u2019entr\u00e9e de nouveaux acteurs institutionnels et la mobilisation de l\u2019\u00e9pargne des m\u00e9nages en s\u2019appuyant sur le cadre applicable aux fonds d\u2019investissement\u00a0\u00bb. Nous ne d\u00e9taillerons pas ce point, \u00e0 propos duquel les rapporteurs formulent des propositions pr\u00e9cises. Retenons simplement qu\u2019ils estiment que le \u00ab\u00a0changement de strat\u00e9gie de la part des investisseurs institutionnels n\u2019est pas conditionn\u00e9 \u00e0 une intervention massive de l\u2019\u00c9tat\u00a0\u00bb, \u00e0 qui il \u00ab\u00a0appartient en revanche de faciliter la fluidit\u00e9 du march\u00e9 et la diversit\u00e9 de l\u2019offre\u00a0\u00bb .
\nLes pr\u00e9conisations du rapport ne pourront toutefois produire leur plein effet que dans l\u2019hypoth\u00e8se d\u2019une prolongation de la conjoncture financi\u00e8re, aujourd\u2019hui favorable \u00e0 l\u2019investissement dans l\u2019immobilier r\u00e9sidentiel, car le retour massif des investisseurs institutionnels priv\u00e9s suppose un maintien durable de taux d\u2019int\u00e9r\u00eat bas. Cette condition induit une forte incertitude, d\u2019autant que certains analystes anticipent une hausse des taux \u00e0 un horizon de 12 \u00e0 24 mois.<\/p>\n

Jean Bosvieux<\/strong>
\nJuillet 2021<\/p>\n

 <\/p>\n

[1]<\/a> Ir\u00e8ne Foss\u00e9, \u00ab\u00a0Le point de vue des investisseurs institutionnels sur les march\u00e9s du logement europ\u00e9ens<\/a>.\u00a0\u00bb<\/p>\n

[2]<\/a> Cf\u00a0. l\u2019article de Benoist Apparu, \u00ab\u00a0Actualit\u00e9 du logement locatif interm\u00e9diaire\u00a0<\/a>\u00bb.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rapport de l\u2019Inspection g\u00e9n\u00e9rale des finances et du Conseil g\u00e9n\u00e9ral de l\u2019environnement et du d\u00e9veloppement durable.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[152,66],"_links":{"self":[{"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/posts\/8958"}],"collection":[{"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/comments?post=8958"}],"version-history":[{"count":2,"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/posts\/8958\/revisions"}],"predecessor-version":[{"id":8967,"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/posts\/8958\/revisions\/8967"}],"wp:attachment":[{"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/media?parent=8958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/categories?post=8958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/logement.web-pme.fr\/wp-json\/wp\/v2\/tags?post=8958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}