Rent Control is the Opposite of What the GTA Market Needs

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Rent Control is the Opposite of What the GTA Market Needs

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“The reality is that you cannot tax your way to real and sustainable change.”

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The current state of affairs:

    • We are in the process of a historical transition to a more rental-oriented real estate market
    • 28,000 new-build rental units were proposed as of the 4th quarter of 2016
    • More talk of rent control is having “chilling effects”  on developers and impacting their decision to build rental units

 

Rent control hurts those it aims to protect:

    • Discourages developers from building rental units in a market where most people can no longer afford to own a home
    • For the projects that will get developed, quality of the product will be affected
    • Tenants will stay longer in units; hence, landlords have no incentive to maintain the units (no need to attract other tenants)
    • Tenants will “turn against tenants” as they compete over dwindling housing supply resulting in a rental black market

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Download the Article (PDF)

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Read what The Globe and Mail had to say

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What is needed instead from the government?

    • Faster land development approval process
    • Reassessing current intensification limits
    • Providing developers with the right incentives to build rentals
    • Increased  investment in affordable housing

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“In many cases rent control appears to be the most efficient technique presently known to destroy a city—except for bombing” – Swedish economist Assar Lindbeck

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“The introduction of rent control is politically feasible only in areas with no recent experience—because only an electorate uninformed of its consequences will support it” – Milton Friedman, the ultimate free market economist.

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New Panel on Rent Control:

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Rent Controls & Other Legislative Dilemmas

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June 6th, 12 PM

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At this session, we will be launching the Canadian Rental Housing Supply Alliance – an association of Canada’s premier apartment developers (present & future) and major Canadian lending institutions. Our goal will be to represent the interests of developers – federally, provincially and municipally.

Canadian Rental Housing is at a strategic turning point – Governments need to help, not hinder, apartment development.[/TS_VCSC_Advanced_Textblock]

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Read The First Report in this series:

“Time To Build Apartments”

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New Apartment Construction is Already Working

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