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Originally Posted by chemgear
Crackdown to help housing supply hopefully.
https://vancouversun.com/news/local-...osed-crackdown
'I just hope my investment doesn't come crashing down on me:' B.C. Airbnb owner responds to proposed crackdown
If passed, short-term rentals in B.C. can only be offered in the host’s principal residence, which includes one laneway house or basement suite on someone’s property. The new rules would impact municipalities with a population of 10,000 people or more and in smaller communities within 15 kilometres of a larger municipality.
It will effectively wipe out the business model for real estate investors and property management companies with dozens of short-term rental listings. Under the new rules, they will have to convert those units to long-term rentals or face hefty fines.
“They are operating literally as unregulated hotels and certainly we hear from the long-term residents of those … buildings their frustration around the lack of enforcement, the lack of regulation,” Alto said Monday.
Kahlon expressed little sympathy for investors who will no longer be able to rent their properties to tourists and short-term visitors. |
Good. Some of these guys are effectively running unregulated hotels.