Proposed renters' bill of rights won't help supply, developer says
BNN Bloomberg
A top rental developer in Toronto says a proposed renters’ bill of rights will do little to address the most pressing issue driving rental prices higher: supply.
Late last month, Prime Minister Justin Trudeau announced several measures would be introduced during next week’s budget to support the rights of renters. Among them, Trudeau plans more power for renters in disputes against landlords, allowing rent payments to count toward a renter’s credit history and a $15-million Tenant Protection Fund.
Adrian Rocca, CEO of Fitzrovia, said developers need “meaningful movement” in next week’s budget if renters are to get any support in the end.
“We need to find ways to incentivize developers, the development community, to build more purpose-built rental units within the market and do it as quickly as possible,” he told BNNBloomberg.ca in a phone interview on Tuesday.
