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this post was submitted on 12 Sep 2023
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I am in a small Ontario town of 12,000 people. Covid caused many rich people from Toronto to come down here and buy up property so they could rent it. I was paying 1000$ for a 3 bedroom that was just built about 5 years ago. It was a nice place and a great price, owned by a guy my father in law works with. He never raised the rent since we moved in.
Some guy from Toronto shows up and buys the property. Instantly raises our rent to the maximum allowed limit. Then when we moved out last year, he listed the place for 2500$... Who the fuck can afford 2500$ rent in a small town that doesn't even have a fucking movie theatre.. Our biggest employers are a fucking warehouse and regional federal government office.
Something needs to be done about this shit. About all this investment property BS.
The only thing that will truly fix it is to start building housing faster than the demand for new homes, which means developing denser housing. Unfortunately that will require changes to zoning rules in cities, and most cities are being run by people who benefit from the current system.
I have very low faith because the people in power with lots of money probably own several properties and use them for either current monetary gain through rent, or retirement funds when they sell.