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#REITS Trend means sharply higher rents https://vancouversun.com/news/local-news/rental-housing-investment-feature #vanre #housingcrisis #itsProfitsStupid #vanpoli #bcpoli
Would think that REIT ownership must comply with RTA capped rent increases?
BC Govt needs to cap rent increase to the units to mitigate profiteering; and ban non-resident ownership of residential housing unless l/t rentals with local track record with CRA of 5+ years.
BC Govt needs to cap rent increase to the units to mitigate profiteering; and ban non-resident ownership of residential housing unless l/t rentals with local track record with CRA of 5+ years.
Even CoV owned units are raising rents between tenants, much higher than RTA limits. Totally irresponsible!
“If you’re an investor, you’re loving double-digit returns on [REITS]...nothing illegal...“But the problem is when you ‘financialize’ housing that way, the consequences for people who need an affordable place to live is a little different than if you’re investing in widgets.”
"Farha is watching Montreal, which recently passed a bylaw giving the city the right of first refusal when private landowners put their properties up for sale.
[CoV] is “interested...But implementing that model here would require further exploration...legislative change..."
[CoV] is “interested...But implementing that model here would require further exploration...legislative change..."
