1,000 of Planned Rental Units Lost Due to Rent-Controls
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It’s like I have a crystal ball. Last spring, prior to Kathleen Wynne’s announcement of her government’s real estate measures, I warned that this would happen. Virtually all the new potential inventory will convert back to condos rather than be completed as purpose-built apartments. Investors like to minimize risk. Rent controls don’t allow protection for investment yield and inflation of taxes, operating costs, and interest rates. The government’s rent control changes will drive rents to the moon. This legislation is a complete disaster for tenants.
1,000 planned rental units convert to condos in wake of Ontario rent-control expansion by Jill Mahoney – The Globe and Mail