Anyone who has lived in Toronto before can attest to the crazy real estate market and how rent is becoming increasingly harder and harder to pay, particularly for people who don’t make a Bay St. salary. News came down this morning from Queen’s Park that NDP Peter Tabuns, MPP for Toronto-Danforth, is proposing a private member’s bill that aims to make housing more affordable in the province.
In his bill, Tabuns is putting forward that all rental units be permitted to fall under rent control.
“People deserve protection against unreasonable rent increases,” Tabuns told the CBC on Thursday morning.
As it stands right now, landlords who have rental units that were built after 1991 are exempt from rent control. This stipulation is from the 1997 Residential Tenancies Act, which was intended to inspire developers to build new rental units.
“The exemption that exists now for buildings built after 1991 needs to go,” said Tabuns in the interview with CBC. “It isn’t helping people anymore. In fact, it’s putting people in a very difficult position.”
In Toronto, the city’s rental vacancy rate is 1.3 percent and an ever growing number of people are finding the prices of their rentals completely unaffordable.
Tabuns will be tabling the bill on Monday, with more details of the plan coming in the days ahead.