The Jeanbrun housing scheme, designed to encourage private individuals to return to the rental property market, has not met expectations. Only 200 to 300 homes are being sold each month, far below the industry's target of 4,000. The initiative, which aims to build an additional 50,000 homes annually, appears unlikely to reach its goal at the current pace. Nexity, a major French real estate developer, has sold around 300 homes through the scheme since its launch, with about 100 days of active marketing. The real estate sector has been in crisis for over three years, and the number of new homes reserved has dropped by half. The Jeanbrun scheme allows buyers to deduct a portion of the purchase price from their rental income, thereby reducing their taxable amount. For a new property, the tax authority retains 80% of the purchase price, and the owner can deduct 3.5%, 4.5%, or 5.5% annually, depending on the rent level. The lower the rent, the greater the tax benefit. This mechanism is different from the previously abolished Pinel scheme, which provided a direct tax reduction. Critics argue that the Jeanbrun scheme mainly benefits wealthier investors, as the tax savings are more significant for those with higher incomes. David Regin of Consultim Groupe noted that the scheme is not a mass tax product and may not attract less wealthy investors due to insufficient amortization rates and difficult market conditions, such as rising interest rates and inflation. Nexity remains optimistic, suggesting that the scheme can be more democratic than previously thought, especially in medium-sized cities where real estate is cheaper. The company claims to have identified 700 homes in France where an investor in the 11% tax bracket would pay less than 300 euros per month out of pocket. However, finding a tenant is crucial, as the tax benefit can be revoked if the property remains unoccupied for 12 months. The government plans to reduce the tax advantage for furnished rental properties, limiting the deduction to 2.5% from 2027, with a maximum of 7,000 euros. This move aims to reduce the gap between furnished and unfurnished rental regimes. Critics, including Arnaud Hacquart of Imodirect, argue that the government is creating a less effective LMNP (Location Meublée Non Professionnelle) regime, knowing that the Jeanbrun scheme itself is struggling.