“Hardly readable objectives”, “underestimated cost”, “evaluations which are still lacking” … In a report submitted to deputies in March, that Challenges has obtained, the Court of Auditors curbs the 18 billion euros of tax loopholes in favor of housing. These tax reductions are granted inconsistently and almost blindly, to believe the financial magistrates who even question the “usefulness” of these tax rebates. “The Court strongly recommends to limit the duration of existence of these devices, they write, and to allow only the tax expenditures which, after having been rigorously evaluated, have shown their efficiency.”
Indeed, the effects of these costly tax benefits have very rarely been measured by successive governments. And this, despite repeated promises. The Pinel tax reduction to promote rental investment (351 million euros) or the zero-interest loan (746 million euros), which were to be assessed in 2018, have still not been been studied. As for the reduced rate of VAT on work carried out in homes over two years old (3 billion euros), it has not been the subject of “any serious study” on its impact in the building sector. The few job creation figures mentioned by the government actually come from the French Building Federation …
According to the magistrates of the Court of Auditors, the billions of tax loopholes in favor of housing are actually largely missing their target. The tax incentives for rental investment (Scellier, Pinel, etc.) lead to “overproduction” in the less strained areas and “have not made it possible to develop a private rental supply in areas in tension with an effect on the moderation of rents “.
Likewise, the reduced VAT on works, the tax credit for energy transition or the eco-PTZ (zero rate loan) “are ultimately inefficient from an energy point of view because they do not take into account the overall energy quality of housing “.
Court of Audit