Paris introduces rent controls to cap rises
Paris authorities reintroduced rent controls on Monday in a bid to get a grip on the spiralling cost of living in the City of Light. Real estate prices have surged in the French capital, mirroring spurts in other major European cities due to historic low interest rates, buoyant economic growth and the impact of holiday renting website Airbnb, experts say. A previous attempt to cap rents in Paris between 2015-2017 was struck down in court on a technicality, but the city's mayor has returned with a new mechanism designed to help middle-class families. A reference rent will be set for each area of Paris and apartments will not be able to be rented at more than 20 percent above this price, the deputy Paris mayor in charge of housing, Ian Brossat, explained. Rental prices are estimated to have risen by more than 50 percent in the last 15 years in Paris.
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