582
'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month
(toronto.ctvnews.ca)
this post was submitted on 06 Sep 2023
582 points (96.9% liked)
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Here in Norway ut is illegal to raise rent more than once a year and maximum by the current consumer price index. If the rent isn't raised a year you don't get to raise for that years CPI.
There is a similar rule in Ontario, but it doesn’t apply to buildings built after 2018.
This exemption was put in place as an incentive for more rental units to be put on the market (or to enrich developers and landholders, depending on your political stance).
It’s frustrating that that’s a fixed date, instead it should be a floating date of 5 or so years.
The fixed date creates a weird scenario where the controlled supply is limited but the uncontrolled supply isn’t, which allows gross pricing disparities to arise and allows old-building owners and new to abuse their tenants (for old: you can’t afford to leave, for new: good luck getting a cheaper place, they’re all full).
A floating rent-control date balances things: developers only get to be greedy for so long, the supply of controlled housing is increases so pricing is more even, and landlords will want good relationships with tenants when they know they’re going to get “stuck” with them in a rent-controlled scenario.
Any date is a bad idea