Lib's Fair Housing Plan backfires.

[ZR]

TORONTO - A group representing Ontario’s rental-housing providers says at least 1,000 planned rental units have been cancelled or converted to condominiums since the provincial government introduced new rent control rules in the spring.
A new report commissioned by the Federation of Rental-Housing Providers of Ontario says the Liberal government’s Fair Housing Plan has negatively impacted the province’s rental housing supply.
The report says that before the introduction of the government legislation, 28,000 rental units were in the planning pipeline, but since the new rules were introduced 1,000 of those units have been cancelled or converted to condominiums.
The report estimates that if 6,250 new rental units are not built per year in Ontario supply will continue to drop.
Housing Minister Peter Milczyn says the province does not plan to change rules which cap annual rent increases and which previously only applied to units built before 1991.

[83 5.0]

Reminds me of the 60's, early 70's when Toronto brought in rent controls. Availibility dried up over night.
I don't know how you would make any money renting out a property at the valuations people paid to purchase them.

[ZR]

Yes it most certainly did.

[RedSN]

On one hand I feel bad for renters.
On the other hand .....renters suck!

[ZR]

Stereotype ones certainly do.

[Quicksilver]

Ontario Landlord and Tenant Act is one of the most biased and unfair(to landlords) pieces of legislation ever introduced. And you can't even blame Premier Wynne for it!

[92redragtop]

Ontario Landlord and Tenant Act is one of the most biased and unfair(to landlords) pieces of legislation ever introduced. And you can't even blame Premier Wynne for it!

She's just making it worse....

[ZR]

Her additions to the act = icing on the cake.

[G-ForceJunkie]

Recently read this quote by Milton Friedman, and it makes perfect sense to me, "We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage."

[WTF]

my father made his fortune by being a Landlord in Edmonton AB in the 70s and never lost a tenant

he'd buy run-down buildings for a bargain....fix them all up and raise the rents....and the tenants appreciated the nice place he turned it into and never left

property values in Edm went full retard in the 70s so he sold all his buildings (5 or 6 in all...3-7 stories, 30-70 suites) and made serious bank

moved back to Toronto in 1977 and he bought a 30-odd suite building at Major Mac and Bayview in Richmond Hill that needed some serious TLC and started the same process

after 3 years of dealing with endless bureaucratic shit he sold the place for a small profit and said he'd never be a landlord in this province ever again

I drive by that building all the time and the hedge he planted is still going strong

the socialist bureaucracy has been alive and well in this province for decades

if you can't get paid for your efforts and risk then why the ever loving fuck would you even bother?

[ZR]

^ Exactly that brother.