You MUST Pay the Rent
Way cleared for 38% hike in heritage apartment rent
Decision highlights flaws in law and will allow landlords to drive up rents, critics say
This is an important article as far as it goes.But what it doesn't tell the reader is "Why?"
What was the reasoning that the Residential Tenancy Branch used in making this onerous and very bad decision?
I am guessing that the argument was parity with neighbouring buildings.
How would you like to see your rent on a 2-bedroom flat in an old building climb overnight from $1300 to $1800?
On the shopping street in my neighbourhood, mom and pop stores open and close almost daily. There is only one reason. Landlords jack the rent so far out of reach, people just walk away. One storefront remained empty for over a year and half until the owner found someone brave enough or stupid enough to dive in.
What, if anything, do our benighted governments do about these continuing iniquities?
Nothing that I've noticed.
2 comments:
David, if someone has bought rental properties just prior to the crash they may have a reason to raise rents to cover their losses due to the downturn. Beyond that unless they can prove that they have spent huge sums of money on renos then all they should ever get is cola increases. But I am most interested in your take on empty store fronts. I have been running a small business for 15 years and without a doubt the biggest impediment to success has been government regulations. They have almost regulated me to bankruptcy.
If governments had been more pro-rent as opposed to pro-home ownership, the economy would not be in the mess today.
There is an inequality between renting and ownership with regard to property taxes in BC.
For example; two condos in the same building with equal value and equal property taxes. One is rented and one is owner occupied.
The owner occupied suite gets a home owners grant, the rented suite does not. Is that fair?
Ontario has a property tax credit that applies to both home owners and renters, and it is based on low income and universal to pensioners.
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