David SALVAN COUTANSOUZE, 1 September 2025 [address withheld] Allier (03) [email withheld] [telephone withheld] To

Ladies and Gentlemen Members of Parliament, Ladies and Gentlemen Members of the Government, Prime Minister, Hôtel de Matignon, 57 rue de Varenne, 75700 Paris

Subject: Proposals for urgent reform of the private landlord status to revive rental investment. Letter for the attention of the Members of Parliament and the Government. Enclosures: • Detailed amendment proposals for each article of law mentioned • Comparison with European legislation more favourable to landlords • Economic impact study on the rental market

Ladies and Gentlemen Members of Parliament, Ladies and Gentlemen Members of the Government, Prime Minister, the housing crisis is no longer a threat: it is a daily reality for millions of French people. Faced with the collapse of the rental supply, it is urgent to restore the confidence of private landlords. As a small landlord living on my rental income, I am today dissuaded from continuing my investments. Yet I am one of those thousands of owners who house families, maintain the housing stock, and contribute to the balance of the market. This letter is a call to lucidity. In 2025, the rental market is marked by a shortage of supply, an explosion of demand and accessibility in free fall. In Paris or Lyon, up to 70 candidates present themselves for a single dwelling, as reported by France Info and Le Parisien. The production of new housing is in sharp decline: according to the Ministry for the Ecological Transition, only 27,500 dwellings were started in July 2025, a drop of 14% compared to the pre-Covid average. In parallel, the Union sociale pour l'habitat indicates that 2.8 million households are waiting for social housing, a historic record. In 2026, the private landlord status is presented as a revolution. Yet the texts being prepared concern only future acquisitions, leaving aside millions of owners who have already invested. This exclusion is unjust and counter-productive. I propose here a series of concrete reforms to protect existing landlords, revive rental investment, and respond to the housing crisis.

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It is urgent that the public authorities take pragmatic measures to restore the confidence of landlords and revive private rental investment, failing which the housing crisis will continue to worsen.

I. COMBATING ILLEGAL OCCUPATION: IMMEDIATE EVICTION OF SQUATTERS. Current problem. Despite the ASAP law and recent legislative changes, owners remain helpless in the face of illegal occupations, particularly when squatters change the locks and the meters to settle in durably. Proposed legislative changes. 1. Amendment of article 226-4 of the Penal Code. Add a paragraph: "The unauthorised change of locks or of service subscriptions (electricity, gas, water) in a dwelling belonging to another person also constitutes a violation of domicile, constituting an irrebuttable presumption of illegal occupation." 2. Creation of a new article L. 613-6-1 of the Construction and Housing Code. "Any occupation without title of a dwelling established by a change of locks or meters without the owner's authorisation constitutes a permanent flagrant offence allowing the immediate intervention of law enforcement on the owner's simple complaint, without limitation of duration since the discovery of the facts." 3. Amendment of article 809 of the Code of Civil Procedure. Create an absolute-urgency procedure allowing eviction within 48 hours on a simple finding of unauthorised change of equipment, through recourse to the police and gendarmerie forces without the need to refer the matter to the courts, which are congested. II. CONTROL OF SUBSCRIPTION CHANGES. Creation of a Subscription Change Authorisation Document (DACA). 1. Amendment of the Energy Code (articles L. 321-14 and L. 431-7). Make it compulsory to present a written authorisation from the landlord for any change of electricity or gas subscription in a rented dwelling. 2. Amendment of the Public Health Code (article L. 2224-12). Extend this obligation to water subscriptions. 3. Insertion into article 1728 of the Civil Code. Add: "The tenant may not change service subscriptions without the prior written authorisation of the landlord, on pain of automatic termination of the lease." 4. Financial penalties for energy and water suppliers. Creation of a new article L. 332-1-1 of the Energy Code: "A fine of 10,000 euros shall be imposed on an electricity or gas supplier who accepts a change of subscription in a dwelling without having ascertained the written authorisation of the landlord. Half of this fine is paid to the injured owner as damages."

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Creation of a new article L. 2224-12-1 of the Public Health Code: "A fine of 10,000 euros shall be imposed on a water distributor who accepts a change of subscription in a dwelling without having ascertained the written authorisation of the landlord. Half of this fine is paid to the injured owner as damages." Amendment of article L. 141-1 of the Consumer Code. Add to misleading commercial practices: "The fact of accepting a change of service subscription without verification of the owner's authorisation in a rented dwelling." III. ACCELERATED RECOVERY OF UNPAID RENT. Amendment of articles L. 613-1 et seq. of the Code of Civil Enforcement Procedures. Create a derogatory procedure for unpaid rent: • Automatic wage garnishment after 30 days of arrears • Removal of the prior formal notice • Direct enforcement by a bailiff on presentation of the lease and proof of non-payment • Automatic recovery of bailiff fees. Amendment of article L. 613-2 of the CPCE to integrate these provisions specific to rental claims. IV. REFORM OF THE ENERGY PERFORMANCE DIAGNOSIS. Problems identified. • Ban on renting thermal sieves while the supply of housing is insufficient • Prohibitive costs of energy renovations • Dissuasive processing times for public aid (more than a year) • Diagnoses to be renewed every 6 years, representing a significant recurring cost. Reform proposals. 1. Amendment of article L. 173-2 of the Construction and Housing Code. Replace the ban with: "The rental of a dwelling whose energy performance diagnosis reveals energy consumption above the thresholds set by decree is authorised subject to prior written information to the tenant." 2. Amendment of decree no. 2006-1114 relating to technical diagnoses. • Increase the validity period of diagnoses from 6 to 15 years except in the event of a structural change to the dwelling • Reduce the number of compulsory diagnoses to safety diagnoses alone (asbestos, lead, electricity, gas). 3. Principle of contractual freedom. Authorise the rental of dwellings classified F and G with a specific lease mentioning the energy performance, in accordance with the principle of contractual freedom of article 1103 of the Civil Code.

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The free market as natural regulator. In a market economy: • If a dwelling is too energy-hungry, it will not find a taker • The owner will be economically encouraged to renovate in order to remain competitive • The tenant, free in their choices, will be able to refuse or negotiate according to their priorities (rent, location, comfort). Prohibiting the rental amounts to short-circuiting the natural mechanisms of the market, where information and freedom of choice are enough to regulate it. Empower rather than prohibit. Prohibition creates perverse effects: • Reduction of the rental supply, notably in rural or tight areas • Exclusion of modest households, who might prefer an energy-hungry but affordable dwelling • Rigidification of the market, with vacant dwellings and penalised owners. Conversely, empowerment through the contract allows: • Local and individual adaptation • Voluntary mobilisation of owners towards renovation • Reinforced information for tenants. The energy transition is a priority, but it must not be carried out to the detriment of the fundamental principles of civil law and economic freedom. By authorising the rental of F and G dwellings under clear contractual conditions, the State respects: • The principle of contractual freedom (article 1103 of the Civil Code) • The functioning of the rental market • The individual responsibility of citizens. It is not by prohibiting that one transforms, but by framing intelligently. V. REFORM OF ENERGY POLICIES. Problems with heat pumps and energy renovation. 1. Incoherence of public aid. Air-to-air heat pumps, an economical and efficient solution, benefit from only a few hundred euros of energy-saving certificates on the pretext that they can produce cold, whereas they constitute a high-performance heating solution. 2. Contradiction with the French energy mix. France has decarbonised nuclear energy that makes radiant electric radiators perfectly compatible with climate objectives, without requiring costly investments in heat pumps. Reform proposals. 1. Equal treatment in MaPrimeRénov'

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Proposal. Creation of an article 199 septvicies of the General Tax Code. Extend the benefit of the advantageous tax status to all landlords owning property on 1 January 2026, whatever the date of acquisition, for an accelerated depreciation regime over 20 years. VIII. SIMPLIFICATION OF RENOVATION AID. Reforms of the ANAH scheme. 1. Amendment of decree no. 2019-1096. • Reduction of processing times to a maximum of 3 months • Complete dematerialisation of procedures • Creation of a single point of contact. 2. Increase in ceilings and coverage rates. Revalue the aid to actually cover a minimum of 60% of energy renovation costs. Focus on financing the remaining cost: for a "State Loan with Social and Energy Impact". The finding: the impasse of the remaining cost. Currently, households benefiting from the maximum rate of public aid (MaPrimeRénov', energy-saving certificates) find themselves faced with an insurmountable remaining cost. Traditional banking circuits almost systematically refuse loans for these residual amounts (profiles deemed "at risk", debt ratio, age, or low income). Result: the work is not done and the housing stock deteriorates. The solution: the State Zero-Rate Loan (PTZ-E) without a banking intermediary. The State must substitute itself for private banks to directly finance the remaining cost via a zero-rate loan, managed by a public body (such as Banque des Territoires or Anah). 1. For landlords: repayment on the rental flow. • Mechanism: repayment of the loan is made by deducting a fixed percentage from the rents received (for example 10 to 15%). • Resale guarantee: in the event of sale of the property before full repayment, the remaining balance due is automatically deducted from the proceeds of the sale by the notary. This secures the State's claim while freeing the owner from the pressure of immediate repayment if they do not have the liquidity. 2. For modest owner-occupiers: the 20-year shield. • Target: owners with a net income after tax of less than €1,500 per month. • Terms: for these households, the repayment period for the remaining cost is extended to 20 years. The objective is to smooth the financial burden so that it is offset by the energy savings made on heating bills, thus guaranteeing a preserved "disposable income". 3. Advantages for public finances. • Non-inflationary: this is not a lost subsidy but a repayable advance.

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CONCLUSION. These reforms, if adopted, would make it possible to massively revive private rental investment and to absorb the housing crisis. The context of urgency justifies the adoption of pragmatic measures favouring the increase of the rental supply rather than the maintenance of counter-productive regulatory constraints. These reforms are not privileges, but measures of justice and efficiency. The private landlord is an essential actor of housing in France. It is time to recognise their role, to protect them, and to restore their confidence. Like many of my compatriots, I am counting on your commitment to carry these proposals forward and to restore the confidence of landlords, essential actors in housing policy. Please accept, Prime Minister, Ladies and Gentlemen Members of the Government, Ladies and Gentlemen Members of Parliament, the expression of my highest consideration.

Sources cited. • 70 candidates for one dwelling: This figure is mentioned in several reports and analyses on rental tension, notably by SeLoger. The Parisian rental market in 2025, SeLoger • Decline in new housing production: The official data is published by the Ministry for the Ecological Transition. An article in Le Télégramme summarises the July 2025 figures well: New housing: the number of building permits stable, Le Télégramme • 2.8 million households waiting for social housing: This figure comes from the estimates of the Union sociale pour l'habitat (USH), relayed by Capital: Social housing: 2.8 million applications in the first quarter of 2025, Capital • Report on poor housing: The Fondation Abbé Pierre publishes a detailed report every year. Here is the link to the 30th report of 2025: 30th report on the state of poor housing in France, Fondation pour le logement • Housing crisis and access to property: Le Parisien published an analysis on the difficulties of buying and the tensions of the market: Housing crisis: it is ever more difficult to buy in France, Le Parisien

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DETAILED AMENDMENT PROPOSALS. AMENDMENT No. 1 - PENAL CODE. Article 226-4 of the Penal Code. Text in force: "The introduction into or the remaining in the domicile of another person by means of manoeuvres, threats, acts of violence or coercion is punishable by one year's imprisonment and a fine of 15,000 euros." Proposed amendment: Add a paragraph: "The unauthorised change of locks or of service subscriptions (electricity, gas, water) in a dwelling belonging to another person also constitutes a violation of domicile, constituting an irrebuttable presumption of illegal occupation. This offence is punishable by two years' imprisonment and a fine of 30,000 euros."

AMENDMENT No. 2 - CONSTRUCTION AND HOUSING CODE. Creation of article L. 613-6-1 of the CCH. Proposed new article: "Art. L. 613-6-1. Any occupation without title of a dwelling established by a change of locks or meters without the written authorisation of the owner constitutes a permanent flagrant offence allowing the immediate intervention of law enforcement on the owner's simple complaint, without limitation of duration since the discovery of the facts. The prefect orders the eviction within twenty-four hours from the complaint, on presentation of: 1° The title of ownership or the management mandate; 2° The finding of the unauthorised change by a judicial police officer or a commissioner of justice; 3° The absence of written authorisation from the owner. In the presence of minors, pregnant women or vulnerable persons, the State representative notifies without delay the competent departmental services in matters of emergency accommodation of the obligation to propose a rehousing solution within a maximum period of forty-eight hours from the prefectoral decision. The eviction is not suspended by this period: it is executed on its expiry, whether or not the accommodation solution has actually been found. In the event that no solution has been proposed within this period, the State assumes, from its own funds, the hotel accommodation of the persons concerned for a period not exceeding fifteen days, during which the social services must imperatively identify a lasting solution. The prefect's refusal or abstention from lending the assistance of the public force under the conditions and within the time limits provided for in this article engages the no-fault liability of the State. The injured owner is compensated under ordinary law conditions, on the combined basis of articles L. 153-1 of the Code of Administrative Justice and L. 911-9 of the same code, according to a minimum scale set by decree and comprising: - The amount of rent and charges not received during the duration of the unlawful occupation; - The costs of restoring the dwelling, on presentation of estimates; - A fixed indemnity for moral prejudice of a minimum amount of five thousand euros.

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This article applies without prejudice to the criminal penalties provided for in article 226-4 of the Penal Code.

AMENDMENT No. 3 - CODE OF CIVIL PROCEDURE. Amendment of article 809 of the CPC. Text in force: "The president may always, even in the presence of a serious challenge, prescribe in summary proceedings the conservatory or restoration measures that are required, either to prevent imminent damage or to put an end to a manifestly unlawful disturbance." Proposed amendment: Add a paragraph: "In the event of illegal occupation of a dwelling established by an unauthorised change of locks or subscriptions, the president rules within 24 hours on the owner's request and orders immediate eviction without further formality, including in the presence of minors. The decision is enforceable provisionally."

AMENDMENT No. 4 - ENERGY CODE. Creation of article L. 332-1-1. Proposed new article: "Art. L. 332-1-1. - Any electricity or gas supplier must require, prior to any change of subscription in a dwelling, the presentation of a Subscription Change Authorisation Document (DACA) signed by the landlord. This document, the model of which is fixed by ministerial order, must include: 1° The identity and signature of the landlord; 2° The address of the dwelling concerned; 3° The identity of the authorised tenant; 4° The period of validity of the authorisation; 5° A verification code transmitted electronically. A fine of 10,000 euros shall be imposed on a supplier who accepts a change of subscription without this document. Half of this fine is paid to the injured owner as damages."

AMENDMENT No. 5 - PUBLIC HEALTH CODE. Creation of article L. 2224-12-1. Proposed new article: "Art. L. 2224-12-1. - The provisions of article L. 332-1-1 of the Energy Code relating to the Subscription Change Authorisation Document apply to water distributors. A fine of 10,000 euros shall be imposed on a water distributor who accepts a change of subscription without presentation of the DACA. Half of this fine is paid to the injured owner as damages."

AMENDMENT No. 6 - CIVIL CODE

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Amendment of article 1728. Text in force: "The lessee is bound by two principal obligations: 1° To use the leased thing as a prudent administrator, and according to the purpose given to it by the lease, or according to that presumed from the circumstances, in the absence of agreement; 2° To pay the price of the lease on the agreed terms." Proposed amendment: Add a 3°: "3° Not to make any change of service subscription (electricity, gas, water, telecommunications) without the prior written authorisation of the landlord. Violation of this obligation entails the automatic termination of the lease after a formal notice that has remained unheeded for eight days."

AMENDMENT No. 7 - CODE OF CIVIL ENFORCEMENT PROCEDURES. Amendment of article L. 613-2. Text in force: "The garnishment of remuneration can only be carried out if the monthly amount thereof exceeds a threshold set by decree of the Conseil d'État." Proposed amendment: Add a paragraph: "By way of derogation from the first paragraph, claims for rent and rental charges unpaid for more than thirty days may be subject to garnishment of remuneration without a minimum threshold and without prior formal notice, on presentation by the bailiff of the lease and proof of non-payment. Bailiff fees are deducted automatically at the time of garnishment."

AMENDMENT No. 8 - CONSTRUCTION AND HOUSING CODE. Amendment of article L. 173-2. Text in force: "A decree of the Conseil d'État determines [...] the terms according to which the rental of a dwelling whose energy consumption [...] exceeds the thresholds [...] is prohibited." Proposed amendment: Replace with: "A decree of the Conseil d'État determines the terms according to which the rental of a dwelling whose energy consumption exceeds the thresholds set by this decree is subject to prior written information to the tenant and to a reduction of the local reference rent of at least fifteen per cent."

AMENDMENT No. 9 - PLANNING CODE. Creation of article L. 152-6-1. Proposed new article: "Art. L. 152-6-1. - Work to improve the energy performance of existing buildings cannot be refused on the grounds of non-conformity with the external appearance rules of the local urban plan, provided that it respects the technical prescriptions defined by decree of the Conseil d'État.

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The following benefit from this automatic derogation: 1° External thermal insulation; 2° Sarking techniques and roof insulation; 3° The installation of renewable energy production equipment; 4° The installation of external heat pump units."

AMENDMENT No. 10 - GENERAL TAX CODE. Creation of article 199 septvicies. Proposed new article: "Art. 199 septvicies. - Taxpayers owning dwellings let out on 1 January 2026 benefit from an accelerated depreciation regime over twenty years applicable to the acquisition value of the property, whatever the date of acquisition. The annual depreciation rate is set at: 1° 8% for the first three years; 2° 4% for the following seventeen years. This regime is conditional on compliance with a ceiling on rent and on tenants' resources set by decree."

AMENDMENT No. 11 - DECREE No. 2006-1114. Amendment of article 3 (validity period of diagnoses). Text in force: "The validity period of technical diagnoses [...] is set at six years." Proposed amendment: "The validity period of technical diagnoses, with the exception of the asbestos, lead, electricity and gas diagnoses which retain their specific duration, is set at fifteen years."

AMENDMENT No. 12 - FINANCE ACT 2026. New provision relating to energy renovation aid. Proposed additional article: "Art. XX. - The aid of the National Housing Agency is extended to the following equipment at the same level of financing as water-to-water heat pumps: 1° Air-to-air heat pumps; 2° Air-to-water heat pumps; 3° Very-high-performance gas boilers when the installation of a heat pump is materially impossible or would degrade the energy performance of the dwelling. The CO2 emission factor of electricity used for the calculation of the energy performance diagnosis is revised to take account of the share of nuclear power in the French electricity mix."

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AMENDMENT No. 13 - CONSTRUCTION AND HOUSING CODE. Creation of article L. 312-X (State Loan with Energy Impact). Proposed new article: "Art. L. 312-X. A State Loan with Energy Impact (PEIE) is instituted, intended to finance the remaining cost of global energy renovation work on dwellings, after deduction of public aid including MaPrimeRénov' and energy-saving certificates. This loan is granted without interest and without processing fees by the State, through a body designated by decree of the Conseil d'État, to landlords or owner-occupiers whose resources do not allow access to conventional bank credit. The eligibility conditions, the loan ceiling and the terms for processing applications are set by decree of the Conseil d'État."

AMENDMENT No. 14 - CONSTRUCTION AND HOUSING CODE. Creation of article L. 312-X-1 (Repayment by landlords). Proposed new article: "Art. L. 312-X-1. For landlords, repayment of the loan mentioned in article L. 312-X is made by a compulsory deduction operated on the rental income of the renovated property. The rate of this deduction is set by decree and may not exceed fifteen per cent of the gross amount of the monthly rent. Repayment is suspended in the event of prolonged rental vacancy duly justified, without this suspension being able to exceed six consecutive months. In the event of sale of the property before full repayment, the remaining balance due is deducted under the conditions provided for in article 2374 of the Civil Code."

AMENDMENT No. 15 - CONSTRUCTION AND HOUSING CODE. Creation of article L. 312-X-2 (Protection mechanism for modest households). Proposed new article: "Art. L. 312-X-2. For owner-occupiers whose annual net taxable income is less than eighteen thousand euros, the repayment period of the State Loan with Energy Impact is set by right at two hundred and forty months. The repayment instalment is calculated so as to be, as far as possible, offset by the theoretical energy gain resulting from the renovation work, established on the basis of the post-work energy performance diagnosis.

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The resource ceiling mentioned in the first paragraph is revalued each year by joint order of the minister responsible for housing and the minister responsible for the budget, according to the evolution of the consumer price index excluding tobacco."

AMENDMENT No. 16 - CIVIL CODE. Amendment of article 2374 (Special immovable privileges). Text in force: "The privileged creditors on immovables are: 1° The seller, on the immovable sold, for the payment of the price; [...]" Proposed amendment: Add a paragraph worded as follows: "The State has a privilege on the sale price of an immovable for the recovery of the sums remaining due under the State Loan with Energy Impact instituted by article L. 312-X of the Construction and Housing Code. Upon any transfer for valuable consideration of the property that has been the subject of the energy renovation work, the notary in charge of the sale is required to deduct the balance of the loan from the sale price, after payment of the first-rank mortgage claims, and to pay it to the Public Treasury within thirty days from the signature of the authentic deed. Failure to comply with this obligation engages the personal liability of the notary under ordinary law conditions."

AMENDMENT No. 17 - GENERAL TAX CODE. Creation of an article relating to the financing of the State Loan with Energy Impact. Proposed new article: "Art. XXX. The funds necessary for the financing of the State Loan with Energy Impact instituted by article L. 312-X of the Construction and Housing Code are drawn: 1° From a fraction of the revenue from the Contribution to the Public Electricity Service, set annually by the Finance Act; 2° From the savings made by the abolition of the tax aid schemes for energy renovation whose ineffectiveness will have been established by the Cour des comptes. The State assumes the risk of default of repayment, which is offset by the privilege provided for in article 2374 of the Civil Code. An annual report on the implementation of the scheme is submitted to Parliament before 1 October each year."

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COMPARISON WITH EUROPEAN LEGISLATION MORE FAVOURABLE TO LANDLORDS. COMPARATIVE SUMMARY. France has one of the most restrictive regulatory frameworks in Europe for landlords, with direct consequences on the private rental supply. This study compares the mechanisms of our European neighbours and identifies good practices to transpose.

I. EUROPEAN OVERVIEW: KEY INDICATORS. Country / Private rental share / Eviction time / Rent control / Landlord taxation. France 20% 18-24 months Yes (tight areas) Very unfavourable. Germany 54% 3-6 months Partial Favourable. Netherlands 43% 2-4 months Yes Neutral. Belgium 28% 3-6 months No Favourable. Spain 23% 6-12 months No Neutral. United Kingdom 36% 2-3 months No Very favourable. Switzerland 45% 1-3 months Partial Very favourable.

II. GERMANY: THE REFERENCE MODEL. A. Regulatory framework favourable to landlords. Protection against illegal occupation: • Accelerated eviction in 3-6 months maximum • Simplified procedure before the district court (Amtsgericht) • Conservatory seizure of the defaulting tenant's property • Prohibition of squats with immediate police intervention. Recovery of arrears: • Automatic wage garnishment after 30 days of arrears • No limitation on the amounts that can be seized (beyond the vital minimum) • Family solidarity: relatives can be held responsible. B. Attractive taxation. Depreciation regime: • Depreciation over 50 years of real estate (2% per year) • Full deduction of charges and work

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III. UNITED KINGDOM: FLEXIBILITY AND LIBERALISM. A. Efficient eviction procedures. Section 21 Notice (no-fault eviction): • Eviction without cause after the initial lease period • Notice of only 2 months • Forced enforcement in 2-3 months maximum. Section 8 Notice (for-cause eviction): • Immediate eviction in the event of arrears of more than 8 weeks • Accelerated procedure before the County Courts • Conservatory seizure of movable property. B. Contractual freedom. Rent control: • No rent control on re-letting • Total freedom to set the price • Free indexation during the term of the lease. Lease duration: • Flexible leases from 6 months to 3 years • Automatic renewal unless notice is given • Assured Shorthold Tenancy: reduced tenant protection. C. Incentive taxation. Buy-to-let mortgages: • Specialised loans for rental investment

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IV. SWITZERLAND: PRAGMATISM AND BALANCE. A. Effective protection of owners. Right of termination: • Facilitated termination for own use or major renovations • Short notice periods: 3 months for apartments, 6 months for houses • Rapid enforcement of court decisions (1-3 months). Combating arrears: • Immediate seizure of bank accounts • Joint liability of flatmates • Register of bad payers accessible to landlords. B. Attractive tax regime. Rental income: • Taxation as ordinary income but with flat-rate allowances • Flat-rate deduction of 20% for costs and depreciation • Exemption on capital gains after 5 years of holding. C. Administrative simplification. Energy diagnosis: • CECB (Cantonal Energy Certificate) valid for 10 years • No obligation of work for rental • Simple information to the tenant on performance. Procedures: • Single point of contact for declarations • Complete dematerialisation of formalities • Administrative response within 30 days maximum.

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V. NETHERLANDS: REGULATED BALANCE. A. Dynamic free rental sector. Market segmentation: • Social housing: capped rents (< €763/month) • Free sector: no control for rents > €763/month • Differentiated protection according to the segment. Eviction procedures: • Rapid eviction in the event of arrears (2-4 months) • Compulsory mediation but limited in time • Effective enforcement of decisions. B. Neutral taxation. Rental income: • Taxation at the progressive scale with real deductions • Depreciation over 25 years for buildings • Full deduction of charges and interest.

VI. BELGIUM: EFFICIENT DECENTRALISATION. A. Regional competences. Flanders: • Lease of 3 years renewable by tacit renewal • Facilitated termination by the landlord • Rental guarantee capped at 2 months' rent. Wallonia: • Eviction procedures in 3-6 months • Compulsory but rapid mediation • Automatic indexation of rents. B. Attractive regional taxation. Rental income: • Separate taxation from other income (option possible) • Flat-rate allowance of 40% in Flanders

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Economic impact study, methodology and sources. In order to assess the economic impact of the proposals aimed at reviving private rental investment, this study is based on official data, prudent assumptions, and explicit calculation methods. The objective is to quantify the potential effects on the rental supply, investment, employment and growth, relying on realistic scenarios.

1. Basic data used. a. Number of dwellings classified F and G. According to ADEME, on 1 January 2025, around 1.6 million dwellings in the private rental stock are classified F or G, of which 660,000 dwellings classified G (considered indecent within the meaning of the Climate and Resilience law) and 940,000 dwellings classified F (1,600,000 − 660,000 = 940,000).

Source: ADEME, Number of dwellings in the rental stock potentially considered indecent because of their EPD label, updated 7 April 2025. Link: https://batizoom.ademe.fr/indicateurs/nombre-de-logements-du-parc-locatif-potentiellement- consideres-comme-indecents-du-fait-de-leur-etiquette-dpe b. Rental demand. According to the Union sociale pour l'habitat, 2.8 million households are waiting for social housing in 2025. Source: USH, Key figures for social housing, national edition 2025. Link: https://www.union-habitat.org/centre-de-ressources/economie-financement/chiffres-cles-du- logement-social-edition-nationale-2025 c. Starts of new housing. In July 2025, only 27,500 dwellings were started, a drop of 14% compared to the pre-Covid average. Source: Ministry for the Ecological Transition, Housing construction, results end of July 2025. Link: https://www.statistiques.developpement-durable.gouv.fr/construction-de-logements-resultats-fin- juillet-2025-france-entiere

2. Calculation assumptions. a. Return to the market of F and G dwellings. Assumption: authorising the rental of F and G dwellings under contractual conditions would make it possible to return to the market 60% of the dwellings currently withdrawn, i.e.: • 60% × 660,000 dwellings classified G = 396,000 dwellings • 60% × 940,000 dwellings classified F = 564,000 dwellings

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Total potential returned to the market: 960,000 dwellings. This assumption is based on the intentions of landlords recorded by ANIL and the vacancy rates observed by INSEE. Source ANIL: Barometer of landlords, 2024. Source INSEE: Insee Première no. 1979, 1.2 million additional vacant dwellings in France since 1990, published on 16 January 2024. Link: https://www.insee.fr/fr/statistiques/7727384

3. Impact on rental investment. a. Recovery assumption. Suppose that 20% of the landlords concerned reinvest in work or new properties, with an average ticket of €35,000 per dwelling (energy renovation or rental purchase). • 20% × 960,000 dwellings = 192,000 dwellings concerned • 192,000 × €35,000 = €6.72 billion of investment

4. Effects on employment. According to the French Building Federation, each tranche of 1 million euros invested generates 8 to 10 direct and indirect jobs. • €6.72 bn ÷ €1 M = 6,720 tranches • 6,720 × 9 (average) = 60,480 jobs created or supported. Source: FFB, Building in figures, 2025 edition. Link: https://www.ffbatiment.fr/le-batiment-en-chiffres

5. Effect on GDP. The average budgetary multiplier for housing investment is estimated at 1.4 by the Directorate General of the Treasury. • €6.72 bn × 1.4 = €9.41 billion of GDP generated • That is around +0.35 point of GDP (France GDP 2024: €2,700 bn). Source: DG Treasury, Budgetary multipliers in France, March 2022. Link: https://www.tresor.economie.gouv.fr/Articles/2022/03/15/les-multiplicateurs-budgetaires-en-france

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6. Cross-referenced scenarios. The following three scenarios apply a realistic activation rate to the 1.6 million F and G dwellings potentially concerned, reflecting the practical constraints of returning to the market (owner's decision, renovation times, local situation). Scenario / Dwellings returned to the market / Estimated investment / Jobs created / GDP generated. Conservative 350,000 €2.45 bn ~22,000 +0.13 pt. Central 500,000 €3.50 bn ~31,500 +0.18 pt. Optimistic 700,000 €4.90 bn ~44,100 +0.25 pt. The central scenario, retained as the working assumption, is based on an activation rate of 31% of the F and G dwellings currently withdrawn from the rental market, close to the intentions declared by landlords in the ANIL 2024 Barometer.

Detailed methodology of the economic calculations. I. Increase in the rental supply. Central assumption: the proposed reforms make it possible to return to the market between 450,000 and 600,000 dwellings by 2030, i.e. an increase of 15 to 20% in the private rental supply. Calculation method: • Private rental stock in 2025: 6.2 million dwellings (source: INSEE, Housing Survey 2024) • 15% to 20% of this stock = 930,000 to 1,240,000 dwellings • Prudent assumption: only 50% of the unblocked dwellings are actually returned to the market → 450,000 to 620,000 dwellings. Justification: • Cross-referencing of ADEME data on F and G dwellings (1.6 million concerned) • ANIL 2024 survey: 42% of landlords declare wanting to sell or withdraw their property if the regulatory constraints persist • Source ADEME: https://batizoom.ademe.fr

II. Impact on GDP. Assumption: each euro invested in housing generates €1.4 of GDP, according to the average budgetary multiplier of the Public Treasury. Calculation method: • Investments generated by the reforms: €6.5 to €7.2 bn/year • Multiplier: 1.4

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III. Jobs created in the construction sector. Assumption: each tranche of 1 million euros invested in energy renovation creates 8 to 10 jobs (direct and indirect). Calculation method: • Additional investments: €2.8 bn/year • Average ratio: 9 jobs / million € • Jobs created: 2,800 × 9 = 25,200 FTE/year. Source: • French Building Federation, Building in figures, 2025 edition https://www.ffbatiment.fr/le-batiment-en-chiffres

IV. Reduction of costs linked to arrears and squats. Calculation method: • Number of squat cases: 57,000/year (source: Ministry of the Interior, 2024) • Average cost per procedure: €15,000 • Potential gain if eviction accelerated: 57,000 × €15,000 = €855 M/year • Amount of unpaid rent: €5.4 bn/year (source: CAF, 2024) • Current recovery rate: 67% • Projected rate with reform: 89% • Gain: (89% − 67%) × €5.4 bn = €1.188 bn/year

V. Costs avoided on EPD renovations. Calculation method: • Number of F and G dwellings kept on the market: 380,000 • Average cost of energy renovation (G → D): €32,000 • Savings: 380,000 × €32,000 = €12.16 bn

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Source: • ADEME, Average costs of energy renovation by EPD class, 2025 https://www.ademe.fr

VI. Cost-benefit analysis for public finances. Estimated costs: • Extension of MaPrimeRénov': €450 M/year • Loss of tax revenue (income tax, social contributions, property tax): €280 M/year • Total: €730 M/year. Estimated benefits: • Reduction of housing benefits: €420 M/year • Reduction of social housing expenditure: €800 M/year • Savings on emergency accommodation: €150 M/year • VAT on work: €560 M/year • Income tax/corporate tax construction sector: €180 M/year • Social contributions: €320 M/year • Transfer duties: €290 M/year • Total: €2.72 bn/year. Net balance: +€1.99 bn/year. Benefit/cost ratio: 3.7.

Conclusion. This study shows that targeted and pragmatic measures can have a significant macroeconomic impact, while responding to a social emergency. By making the private landlord status more attractive, a massive rental supply is unblocked, investment is stimulated, and thousands of jobs are created in the territories.