“The current crisis of rental availability and affordability in Vancouver is posing a serious challenge to the ability of renters to stay and thrive in Vancouver.”

Housing affordability for renters has been a clear issue in recent municipal and provincial elections, with several politicians offering different solutions (Vancouver Sun, 2019). It should be no surprise that various politicians across several locations are trying to help renters and rentals really do make up a large percentage of voters.

However, politicians may push policies that will actually harm tenants by discouraging developers from building critically needed rental homes or from repairing existing aging rental buildings.

According to the Vancouver Sun, new municipal policies force landlords to pay tenants if they are forced to move out during renovations, they even have the right to return to renovated suites at the previous cost of rent.

“Other policies that impose high costs on new rental developments, as well as the uncertainty if they will be approved by councils, have developers, banks and other financiers such as large pension funds backing away from purpose-built rental projects in Metro Vancouver” (Vancouver Sun, 2019). A poll found that 14,000 of 18,000 rental units in the Lower Mainland under development had been shelved.

If you are thinking of buying or selling your property, or would like to get expert real estate advice, please contact Matt Gul, a top selling luxury real estate agent in West Vancouver. Contact Matt Gul at 778.888.8888 or at  [email protected]

Summarized by Selin Gul

Original Source: https://vancouversun.com/opinion/editorials/editorial-progressive-rental-policies-risk-hurting-renters

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