Quote:
Originally Posted by blankall
There are plenty of empty condos. The price of renting them is artificially high to to lack of supply. There's Just a big tickle down effect. Higher end renters get forced into lower end units being rented for higher prices. Overall any increase in supply is good for all renters.
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But the fine is only 10% of your property tax so most condo owners won't care about a couple hundred dollars. But $5k to $7k might be a little more of a problem. I'm just going by what's in that article and a few others I have read. Property experts don't think it will have a huge impact on the cost to rent.
Don't get me wrong, I hope it does but I doubt I see one bedroom apartments coming down to $600 or $700 like they were when I first moved here 17 years ago. They might come down to $1500 but that's not a huge help.