2% cap on rent increases fails to satisfy landlords or tenants
Both landlords and tenant advocates are raising concerns about Premier John Horgan’s announcement of a two per cent cap on allowable rent increases for next year — landlords are worried about rising costs, while tenant advocates say it could lead to more “renovictions.”
David Hutniak, CEO of LandlordBC, said rising inflation rates are putting pressure on property owners.
“Everything is just going through the roof [in price],” he said. “You’re in a negative cash-flow situation. You have a negative rate of return. And you can’t do that year after year — it’s just not sustainable. That’s the reality for a huge swath of our sector.”
The two per cent allowable increase rate follows a freeze on rent hikes in 2021 and 1.5 per cent maximum allowable increase this year. …[Read More]