Is it time to request the Government to include RENT CONTROL regulations apllied to ALL housings, old or new.
The landlords are already being hugely subsidized with historically lowest near-zero rate by all Governments via BoC. Yes COVID... but COVID is only a Public Health Issue that can only be handled and solved by scientists and health professionals, and it is not a mortgage defaults kind of financial/credit crisis in the free market place (do we really have?) such as in 2008 that need big immediate QE and Central Bank interventions...and actually Canadians carry very healthy mortgage debts and many already paid off their mortgages there was no housing related credit crisis at all..only real crisis is affordability..Nevertheless for COVID's sake and taking this COVID flu opportunity, the BoC just directly buying up billions not trillion dollars of Canada Mortgage Bond (CMB) in the secondary market to give HUGE direct relief (basically BoC paying part of homeowners mortgages) ONLY for the homeowner/landlord class in society (did they pay your student loans did they pay your rent did they pay your car Resounding NO) and jack up their already high priced property to the highest level never seen without for homeowner/landlord even moving a single finger to EARN it, causing man-made HUGE inequality and SIGNIFICANT wealth gaps in the society people live in. People talk a lot about supply demand zoning foreign buyer blah blah issues, but the actual cause IMH is directly from BoC's Monetary Policy with its huge Mortgage Bond buying even without any real credit/default crisis happened in housing market (interest rates already super low pre-pandemic). There is no real WAR but they hit the Mortgage nuclear BUTTON without people giving them the power.
Look, housing prices sky rocketed everywhere across Canada, including many places/towns without any demand/supply foreign buyer zoning concerns at all. Just be careful the Government want to divert your attention to foreign buyers via media or public consulting and actually it's their own failing policies both monetary and fiscal. They can BAN Foreign Ownership in a heartbeat without public consults. They just don't want to ban all they do is to charge them a tiny 1% tip on the bill not so Canadian and it's as cheap/stingy as in foreign owner's own country. You may wanna more housing built or zoning law changes, tell you the truth foreign buyer wants to. I knew an old Chinese lady retired from Shanghai with good unreported home pension I believe so but in here she lives as low income poor person got extra pension here. She bought 3 units of two-beds room condos. she lives one her kids each lives one right in downtown T.O. Univerisity/Queen/Dundas area. Her kids came back China so rented out maybe. In China you sold just one Unit of two-bed room shitty apartment in Shanghai and many many big cities worth 2 to 3 Millions Canadian DOLLARS so very EASY to buy property here with that kind of cash several years before even now. Foriegn BAN is a must IMH. This is absolutely No.1 priority to decide who you want in the Government.
Yes they greatly relieved current homeowners/landlords' from their own mortgage burden in the name of COVID by passing the super heavy 'Mortgage bag' to the young innocent people and future unborn generations, not to mention that trillions of federal/provincial unpaid debts will inevitably for them to be facing with and repay - Sorry a lifelong Debt Slave...YOLO..Eventually Government will let them feeling grateful again by "offering" them 50 years' mortgage (which in essence let you own nothing be happy ya!) and bankers will "help" them with negative interest rates...sad.
On the other hand, it is the powerless tenants who work very hard some even work two three jobs to just make ends meet by paying high rents and also contribute paying income taxes, in the mean time covering most of landlords' own already lowered mortgages as well as paying PROPERTY TAXES (even it is not their property) to support local Government's operations. honestly renters are being pushed and burdened to the EXTREME...being sucked dry already.
Boston ended "Rent Control Law" back in 1994, the consequences are that they have huge rental/housing shortage now! Yeah welcome free market that they have wished for and we may wish as well.The tragedy is Boston's current rental price for a one bedroom apartment in the city is up to an average of just over USD$2,800! and it continues to climb from there, with a two-bedroom costing USD$3,500! while a three-bedroom goes on average for just over USD$4,300 a month! Do we want that price? Or do we want to wait until prices reach that sky high level then ask the Government to react with RENT CONTROL for all?
It will be FAIR and REASONABLE to extend RENT CONTROL to give ALL tenants a little and same level of relief no matter 2018 before or after...and yes if you as Government can give homeowners/landlords big chunk of free juicy "steaks" and all renters wants from you are just a piece of free "little bread" with or without jams on it be okay not greedy...
Posted Aug 6, 2021, 5:37 PM UTC · edited