Paris tries to keep apartments from being rented by visitors

The allure of living in a Paris pied-à-terre for a week or month, and paying much less than for a hotel room, has created strong demand for vacation rentals in Paris. But its growing popularity has raised the ire of hotels and residential property owners.

“Residents complain about the noise, about the comings and goings, about the entrance of their building being turned into a hotel lobby,” said Christian Nicol, head of the city’s housing department.

A rush of buying by foreigners looking to profit from the short-term rental market is one of several factors that have driven up Paris property prices at breakneck speed in recent years to stand as some of the costliest real estate anywhere.

For more see the full article from Reuters.