Quote:
Originally Posted by cairnstone
Government screwed the pouch 20 plus years ago by not increasing the rental pool back then through policy change. They all saw the growth in the city population. It was not like it happened over night. South of metrotown has been a ghetto for years, the buildings have not been maintained so rents were artificially low. This area has been owned by a variety of developers for years. So why is it a surprise when you get a notice under your door that the bilding you RENT is being repurposed these are the same people that are shocked when they loose there job do to technology advancements.
Im surprised the developers have not challenged Burnaby in court over imposing the rental rules on them.
So when renter A moves out of the new building does that unit now become market rent?
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I have yet to read rents are tied to the units only to the tenants. Some of our projects initially proposed this for a big of extra density (on top o the density we got for the condos being built) but the City initially said no. So this is really nothing new to most developers.