http://dailyhive.com/vancouver/bc-va...-november-2018
Quote:
The provincial government’s new policies that enact restrictive vacancy controls could put nearly 13,000 planned rental homes across BC at significant risk of delay or cancellation, according to the Urban Development Institute (UDI).
The introduction of new vacancy controls would allow the provincial government to strictly regulate rent to a unit instead of the tenant. It would remove the current ability of rental owners to flexibly adjust rents between tenants to account for building and unit upgrades and any increased property taxes and insurance and utilities costs.
The RHTF’s earlier recommendations in September reversed the provincial government’s policy on increasing the maximum allowable rent increase, removing an automatic additional 2% annual increase. The 2019 maximum allowable rent increase will be 2.5%, instead of the previously announced 4.5%.
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...Why? This is just going to cripple supply. Ask the Venezuelans how well price controls on basic goods went.
The NDP should just wait for the real estate market to cool down, and let the free market do the work of cooling down rentals. Rentals can only decrease in price when house prices fall as well.
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