Quote:
Originally Posted by thebasketballgeek
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The province used to have really ancient 'socialist 1970s ideas' on rent control that changed early in the 2000s (see years 2002 - 2003 on the above chart).
I attribute this to the sudden boom in 'apartment' dwellings.
I remember all the buildings my college friends lived in 1990s/2000s as being really run down (1960s/70s stock) back then.
One time, we were smoking up on the roof of a 1910s apartment block downtown and the exterior brick wall that my friend was leaning on collapsed!
Literally nothing new was being built back then.
There was no incentive at all to renovate or invest in your property. A less than 1% rental vacancy rate. Rent was capped at like $600/month. It was that bad.
I think the Fort Garry Place complex built in 1991 were the only 'new' apartment towers for like 25 years.
My grandfather who owned a similar 8 unit 1970s block in St. James had
ABSOLUTELY ZERO incentive to renovate because he couldn't recoup his costs. We're talking about he used 30 year old appliances.
I also remember seeing several abandoned apartment blocks in my youth (i.e. completely boarded up.. both downtown, and even in St.Boniface and Osborne in the 2000s).
Like the Downtown SHED (which has resulted in numerous new highrise developments downtown) this is an example of good/bad public policy being set and then the public reaping the benefits a decade later.