Anne Hidalgo deepens the debt (again)!

Anne Hidalgo, mayor of Paris, finds herself under fire from criticism. Broken tax promises, growing debts, opaque budgetary management and a real estate crisis… are all ingredients that are plunging the city into an unprecedented budgetary storm.

It is in this context that the Mayor of Paris will present her budget for 2024 announced in 11.3 billion euros. The opposition claims a serious lack of management and the camp of the Mayor of Paris struggles to trust him.

The Paris of Anne Hidalgo: A dizzying debt

The debt of the city of Paris has reached unprecedented heights, climbing to 8.8 billion euros.

Since 2001, the debt has increased considerably, from 1.09 billion to this astronomical sum.

This escalation worries not only the opposition but also citizens, who question the long-term financial viability of their city.

This already abysmal debt is accentuated by the current real estate crisis. With a 22% drop in revenue from transfer taxes, the budget is heavily impacted.

However, despite this precarious situation, the town hall has not reduced its investments. The previous year, the property tax increased by 52% in an attempt to rebuild gross savings, a strategy undermined by the continued decline in revenue.

Paris: Investments under pressure

Investment remains a priority for the town hall, with 1.8 billion euros planned for 2024.

These investments focus on social, housing, climate transition and city renovation.

However, this investment strategy raises questions about the city’s resource management and financial sustainability.

Gross savings in Paris remain lower than expected, reflecting an extremely tight budget balance. This delicate situation fuels criticism from the opposition, which points to poor management and a risky financial strategy.

A budget that divides, even within the majority…

The municipal majority is not united in its vision of the budget. Tensions are emerging, particularly with environmentalists who criticize the mayor for favoring the 2024 Olympic Games to the detriment of the climate plan.

Pierre-Yves Bournazel, elected official from the 18th arrondissement, goes so far as to denounce the absence of a savings plan in the face of the increase in debt.

While the property tax will not increase further during this mandate, the city is considering a slight increase in municipal rates, aligned with inflation.

The measure, however, raises concerns about its impact on residents already burdened by rising living costs.

The debate on Paris’ 2024 budget highlights not only the city’s immediate financial challenges but also questions about its economic future. Between debt management, necessary investments and political pressures, Paris finds itself at a decisive turning point. It remains to be seen whether current strategies will bear fruit or whether they will lead the City of Lights into a financially bleaker future.