Slipping through the gap: Modelling Akelius investment strategy in the Paris region
通过逆向工程方法，研究全球企业房东阿凯利乌斯在巴黎地区的投资策略，发现其利用租金附加费规避租金管制，并在房价与收入脱钩区域集中投资。
This paper presents a method for reverse engineering landlords’ local strategies, applied to Akelius, a global corporate landlord whose French housing portfolio has been reconstructed by cross-referencing open administrative datasets. The procedure combines a two-component count model identifying spatial investment choices with a fixed-effects model analysing rental pricing practices. Results show that Akelius market entry is structurally constrained by the availability of single-owner buildings and driven by recent price growth, while investment intensity concentrates in areas where housing prices are decoupled from household incomes, signalling strong appreciation expectations. Akelius ranks among the top 10% of most expensive rental managers in its areas of operation, quasi-systematically ‘gaming’ the rent control framework through rent supplements that justify rents exceeding legal caps. This case study illustrates how an investor emblematic of the second wave of financialisation has penetrated a market characterised by low corporate ownership and generally perceived as highly regulated.