Quote:
Originally Posted by drew
Well with any luck there should be around 60 new apartments entering the marketplace sometime next year... preliminary work is starting on plans to renovate the Penthouse block into upscale apartments.
Here is a question for this thread, how can rent control be such a hindrance to apartment construction, when after a new apartment is built, the owner is allowed to set the rental rates? It's only in subsequent years that the rent increases are controlled.
From what I have heard the major reason rentals are unpopular isn't so much the rental controls here, its the longer term return on investment.
People put up condos instead because they get their profit immediately.
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But not again otherwise (unless his rents are above a certain value $1105?). More to the point an owner must ask some bureaucrat if he can raise his rent to cover his costs and earn the return he feels he should earn.
The rentalsman approved a 1% increase this year. One percent!
Perspective: How would you like it if your boss offered you a measly 1% pay raise. And you could not change jobs in order to raise your income.
Why should an investor/owner have the same restrictions.