Bill 144, Real Rent Control

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Hey BiggerPockets,

I wanted to reach out and see what the communities thoughts were on Bill 144, Real Rent Control. If you are not familiar, I included an excerpt from Cherry Chan below.

There are some really alarming changes for rent control. 

Thoughts and comments?

http://realestatetaxtips.ca/war-small-business-own...

Bill 144, Real Rent Control Act, 2017

“Lawful rent for new tenant

113 Subject to section 111, the lawful rent for the first rental period for a new tenant under a new tenancy agreement is,

(a) any amount that is equal to or less than the last lawful rent charged or that ought to have been charged to the previous tenant if the rental unit was previously rented in the last 12 months;

(b) with respect to a rental unit that has not been rented in the last 12 months, an amount that is equal to or less than the sum of,

(i) the last lawful rent charged or that ought to have been charged to the previous tenant,

(ii) all increases to the rent that the landlord would have been permitted to make under this Act if the rental unit had been occupied, and

(iii) all decreases to the rent that the landlord would have been required to make under this Act if the rental unit had been occupied; or

(c) the rent first charged to the tenant if the rental unit was not previously rented.” (Source.)

The new bill prevents any rent increase, other than the specific percentage allowed by the Ontario government, even after the previous tenants get out.