VaughanJB
Scrappy VIP
The reason there are homeless seniors is that they can no longer afford their homes. Rents are increasing well beyond their ability to pay. And the rents are going up is that there is a shortage of housing. It's pure supply and demand. I think it's financially not beneficial for developers to build more housing. The profits from their rentals, they have now, are providing great returns. More housing and those profits disappear. Again, supply and demand. We can't order owners to keep rents low, but we could alter tax laws to make new housing more profitable.
Personal opinion, but this is the complete opposite of how I think things should go. In the UK we have no-fault eviction. This has led to people being evicted from their homes (some of them have been in the property for ten years or more) simply because the landlord has been told the market rate for their property has increased. Pure capitalism would suggest they're doing nothing wrong.
It's a LACK of regulation that's the issue, imo. Tax second homes more, much more. Cap rent increases in a given year, and more protection for tenants.
We'll see how it plays out. Either way, if you don't know someone affected by this, you likely will in the coming years.