this post was submitted on 30 Aug 2023
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According to a new report from Rentals, In July, the Canadian rental market hit a record high with an average asking rent of $2,078, marking an 8.9 per cent annual increase.

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[–] [email protected] 7 points 1 year ago (3 children)

Rental income is taxed at 100%, FYI.

I think carrot works better than stick. Instead of punishing everyone who made an investment, and spending god knows how much money to enforce it, just offer a one time capital gains exemption on any investment single family dwelling that has rental income for more than a year. But make that exemption dependent on the sale going to someone who doesn't already own a home. (No landlords scooping up extra properties) this puts sellers in connection with buyers and since the seller is getting a big payout they can do the extra leg work. I bet many of the properties get sold to existing tenants.

The government gets an easy cost effective way to free up supply, and it doesn't actually take money out of their pocket. (Just removes future tax income). Limit the program to no more than 3 years. Anyone who is a casual landlord will jump to get out. Boomers in retirement will jump at it as they will have owned these properties for years. This will free up supply in months, not years. Everyone I know who owns rentals that I discussed this with said they would sell if they could avoid capital gains.

That's my $0.02. FWIW

[–] [email protected] 5 points 1 year ago (2 children)

Instead of punishing everyone who made an investment,

You've already lost me. They're the ones trying to treat homes as a commodity fit for investing. Investments carry risk. Passing the cost of that risk to tenants, or giving them a free pass because they're being forced to play by real rules instead of the rigged game they've been taking advantage of, doesn't sit well with me.

They made an investment that by its very nature exploits people. They should shoulder the consequences of that decision.

[–] [email protected] 3 points 1 year ago

That's because you aren't interested in solving the problem. You just want to punish people that you think are evil. You would rather throw everyone you don't like under a bus than actually help the people that need help now. Which is the vibe I get from many people on this site. The problem with what your want to do is it will never happen. There is no support. My solution plays into the hands of those in control but still gets the job done.

[–] [email protected] 2 points 1 year ago (1 children)

At this point I think I'm with Singapore on land and housing being a publicly controlled good

As it stands now our housing market is just an inflation resistant bank for the wealthy

They just named the price they're willing to rent it at its entirely secondary to their goals and so it doesn't serve the housing market

[–] [email protected] 2 points 1 year ago (2 children)

This is simply not true. Most of the single family dwellings rentals are owned by regular people. If you think the average person can throw down on a $800,000 mortgage at 6% and pay $8000 a year in property tax plus other expenses just to hedge inflation, you are as delusional as most of the people I've run into on this site. Just do the simple math on how much rent you would have to charge to break even on a rental if you wanted to be a land lord tomorrow, then see if you could just sit on a $50,000 loss per year. Jesus. I'm about done with Lemmy. People here are dumb as shit

[–] [email protected] 1 points 1 year ago

You think I'm under the impression that people buying homes today as rental investments are the problem? The problem isn't people trying to buy into the scam today, it's the people who bought into it 10, 15, 20 or more years ago, have owned multiple homes for years, make their living off the work and money of others, and go about their lives thinking they're good people as if they're anything more than parasites in need of excision.

But if you're going to start name-calling and denigrating anyone who disagrees with you as "dumb as shit", I question whether you're approaching the topic in good faith. I'm not going to engage with you further.

[–] [email protected] 1 points 1 year ago* (last edited 1 year ago)

None of this was a personal attack and to take it as such might mean you need to reevaluate your feelings on the matter.

Pointing back to my original argument I stated that it was often a inflation resistant investment I'm not speaking of single family homes renting out their bottom half or whatever the case may be.

I'm speaking of those you buy up commercial property with no intent to ever do anything with it because the value of the land will vastly outpace the value of inflation.

I'm also speaking about landlords that own hundreds of properties. While someone in your position is becoming increasingly common it is not the majority in housing scarce areas. There are still a few individuals that own large swaths of land.

There are a lot of policy decisions that got us here. But more mixed zoning, more housing, less landlords has been proven time and time again to fix it and while I'm not sold entirely on the Singapore idea I will say that everyone in my generation is fucking sick and tired of people making excuses about what can't work while people are on the street dying

[–] [email protected] 1 points 1 year ago

This is actually a great idea.