One year after it came into effect, the Le Meur Law — often referred to as the “anti-Airbnb law” — continues to be a subject of debate. Presented as a major tool to combat the housing crisis, it has profoundly altered the tax and regulatory framework for furnished tourist accommodations. But initial assessments show a a striking discrepancy exists between the extent of the constraints imposed on landlords and the limited actual impact on access to housing.
While the law strengthens taxation, tightens energy performance obligations (DPE), and gives more power to mayors, it does not address the structural causes of the crisis: construction deficit, high vacancy rate and bureaucratic red tape.Here is a critical analysis of this first year of implementation.
1. A major tax reform, but not central to the debate
The Le Meur Law profoundly reconfigures the LMNP regime, notably with the massive reduction of tax allowances Micro-BIC.These lower thresholds have prompted many owners to opt for furnished tourist accommodation classification or the actual expense regime. Furthermore, aligning capital gains calculations with professional rules adds a layer of tax uncertainty.
However, even though these changes weigh heavily on small property owners, they remain accessories in housing market analysis : they modify individual profitability, but have very little effect on the overall supply of housing for primary residences.
2. Strengthened local regulation, with a variable impact depending on the region
The law has primarily strengthened the power of municipalities: limiting rentals to 90 days for primary residences, mandatory registration, increased penalties, enhanced oversight of co-owned properties, and mandatory energy performance certificates (EPCs). These tools allow mayors to significantly restrict activity, particularly in high-demand areas.
But their effectiveness depends entirely of their degree of local applicationSome cities, heavily reliant on tourism, remain cautious. Others, like Paris or Bordeaux, have adopted a very restrictive strategy… without any conclusive results on prices or housing availability.
3. One year later: a largely mixed assessment
Tourist accommodations represent a marginal part of the crisis
Data observed in the strictest cities shows an extremely limited impact:
- Share of intensively furnished accommodation : 0.3 to 0.4% of the stock in Paris and Bordeaux
- Share of vacant housing : 7 to 10%, or up to 25 times more that of furnished tourist accommodations (still in Paris and Bordeaux)
- Price trends since the tightening of regulations :
- Paris: rents +13%, purchase prices +6%
- Bordeaux: Rents +22%, purchase prices +10%
These figures highlight that furnished tourist accommodations are not pas a major driver of the housing crisis. Even with strict regulations, prices continue to rise. The problem stems primarily from a lack of new construction, persistent vacancies, and constraints placed on traditional landlords.
Severe economic consequences
While the effect on housing remains minimal, the impact on the local economy is immediate:
- massive withdrawal of announcements and investor uncertainty,
- decline in activity for concierge services, laundries and related services,
- risk of weakening urban tourism, already facing a record rise in hotel prices (+70% in eight years in Paris).
In some tourist resorts, the energy performance certificate (EPC) requirements are causing concern: condominium associations sometimes take years to approve renovations. Overly strict enforcement could destabilize the mountain economy, which is heavily reliant on seasonal rentals.
Strategic relocations rather than the disappearance of the sector
Far from collapsing, the market is adapting:
- investment shifted towards premises for commercial use (easier to rent),
- switch to the Real regime,
- administrative workarounds linked to the lack of cooperation from certain platforms.
The Le Meur law makes the activity more complex, but does not eliminate it. Above all, it will strengthen the professionalization of the sector to the detriment of small individual owners.
4. A structuring law… but an insufficient remedy for the housing crisis
While the Le Meur Law certainly provides a stricter framework for furnished tourist accommodation, it does not address the root causes of the crisis:
- too few homes built,
- cumbersome procedures,
- difficulties in renovating vacant housing
- mismatch between supply and the actual needs of households.
After a year, the conclusion is clear: Targeting furnished tourist accommodations frees up only a tiny fraction of housing., while the economic and social effects of the reform affect an entire sector of tourism.
The housing crisis requires a more comprehensive, ambitious and coherent approach — one that goes far beyond the scope of Airbnb and short-term rentals alone.
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