pellets of anger
At the end of January, the start of the consultation phases for the revision of the Paris PLU will officially begin. But from now on, the big maneuvers are accelerating, in particular with institutional investors who have the “pastillage” of their buildings across their throats.
This is the most divisive factor of the bioclimatic PLU project carried by the Parisian executive. Emmanuel Gregoirethe 1st deputy for town planning at the Paris city hall, wants to make the PLU a tool to improve the quality of life in the city, conceptualized in “positive externalities”. Beyond the environmental aspect, this quality also depends on accessibility. Accessibility to housing first, in a city that continues to lose inhabitants. For lack of being able to build where there is no more land available, for lack of densification when there are more than 20,000 inhabitants per km2, for lack of wanting to extend the perimeter of the capital to the metropolitan level, the municipal majority aims to reorient the programming of existing buildings. Hence the famous pellets.
Clearly, registration in a reserved space will be binding on the owner of the building in the event of demolition/reconstruction or major rehabilitation work. Obviously, most of the pellets focus on neighborhoods that have become monovalent, like the CBD. “It is a significant charge, which borders on infringement of the Property Code”, warns Florence Cherelassociate lawyer at CMS Francis Lefebvre.
It questions above all the financial feasibility, both for the investor – very mainly institutional – and for the town hall. If the balance sheet of a construction or restructuring operation does not turn out so smoothly when a residential component is added to it, it is above all likely to cost the Parisian taxpayer dearly. Because the owners cannot satisfy the desired of the new PLU will be able to benefit from a right of relinquishment which obliges the municipality to buy the property if no agreement has been reached. The price is fixed by the judge of the expropriation without taking into account its registration in reserved space. In other words, full price in the CBD as long as the market values of France Domain are similar to those of market experts.
The question is whether the City of Paris will have the financial means for its political ambitions in view of its budgetary debt and the outcry caused by the announcement of an increase of more than 50% in the property tax. . Certainly not. This is why discussions are taking place between the Parisian executive and institutional investors at the level of each building. A kind of barter. Take away my pellet here, I’ll give you a building there! For some, we are in consultation. For others, more in a form of blackmail.
