Rent Bank

[Rejigger]

I love how landlords think that the government is going to let millions of people be homeless while property owners just sit there with empty buildings. Or even better yet allow them to rent them on on Airbnb!

The pitchforks and policy changes will find you eventually.

Keep making those empty threats!

Well, if you’re okay with the government telling landlords what to do with the properties they own, then you’ll be okay with them dictating that for every bedroom a home has, there has to be at least one adult or two children occupying it. Or, anyone renting a two bedroom place must have at least two adults living there. But if the two adults are a couple, then they must either have one or two children to occupy the second bedroom, or else they have to downsize to a one bedroom place. Or, any single people MUST live in a bachelor suite. Kinda like how a single diner can’t sit at a table for four when the restaurant is at capacity.

Yeah, all renters MUST share their rental suites from now on, except for singles in a bachelor suite. How will that sit with tenants? Like squishing four people into a hospital room, only those who can pay for privacy will get privacy ... even in their own home.

Imagine Horgan floating this idea at his next media event, as renters’ eyes pop out of their sockets in reaction to it.

And then the government will be telling homeowners they have to start renting out any unoccupied bedrooms in their house (or else downsize). How will that go over? When will this government overreach hit a nerve with renters?

All of a sudden socialism isn’t fun and games anymore.

[Rejigger]

More empty threats from landlords.

Don't let the door hit you on the way out.

I did not post for your amusement , approval or even to goat you Vacarate. What will hit you, and other renters, with the exodus of myself and many other landlords, is yet more properties removed from the Kelowna rental market. And it’s a pretty tight market already wouldn’t you say? The door hitting me on the way out will be very well padded with capital gains profit. But the people that now have to find a new home won’t be so lucky. But if you are not in my shoes you will never be able to understand that will you?

I believe you, Mark111. I don’t know why anyone would be a landlord in this province. Go buy property in another province - you’ll be better off.

Fact is, stories like yours aren’t empty threats - they’re ‘mission accomplished’ for the provincial government. This is EXACTLY what the government wants: to make it unappealing for landlords to operate in this province, with the end result being a reduction in housing prices and more people owning individual houses (fewer people owning multiple houses). Those who are happy renting are going to have fewer properties to choose from. That’s not an empty threat, it’s reality.

[Vacancyrate]

All of a sudden socialism isn’t fun and games anymore.

Says the landlord begging for a welfare cheque!!!

Classic.

[JLives]

I did not post for your amusement , approval or even to goat you Vacarate. What will hit you, and other renters, with the exodus of myself and many other landlords, is yet more properties removed from the Kelowna rental market. And it’s a pretty tight market already wouldn’t you say? The door hitting me on the way out will be very well padded with capital gains profit. But the people that now have to find a new home won’t be so lucky. But if you are not in my shoes you will never be able to understand that will you?

Well goodbye then.

Fun fact. Being a landlord is a choice and you don't have to do it or announce that you aren't.

[W105]

^^^ too funny Jlives

yup, being a Landlord is a choice, nobody cares if you wanna be one or not..and I find it hilarious when amateur Landlords brag about being a Landlord when in reality the only reason most of them could become one is because of the low interest rates...if interest rates were 5-7%, they would be very few who could afford to become a Landlord..if interest rates were higher it would weed out the small time players in a instant.. so let's keep it real

[ckil]

with the exodus of myself and many other landlords, is yet more properties removed from the Kelowna rental market. And it’s a pretty tight market already wouldn’t you say? The door hitting me on the way out will be very well padded with capital gains profit. But the people that now have to find a new home won’t be so lucky. But if you are not in my shoes you will never be able to understand that will you?

How will the rentals be removed from the market? You may sell to another landlord. A mass exodus would push prices down allowing for renters to afford a place. Anyways, I am sure the market can handle your 3 units being removed. The capital gains is done in this cycle - perhaps it is time you sold. It sounds as if you are getting a little disgruntled being a landlord.

[Mark1111]

I love how landlords think that the government is going to let millions of people be homeless while property owners just sit there with empty buildings. Or even better yet allow them to rent them on on Airbnb!

The pitchforks and policy changes will find you eventually.

Keep making those empty threats!

Well, if you’re okay with the government telling landlords what to do with the properties they own, then you’ll be okay with them dictating that for every bedroom a home has, there has to be at least one adult or two children occupying it. Or, anyone renting a two bedroom place must have at least two adults living there. But if the two adults are a couple, then they must either have one or two children to occupy the second bedroom, or else they have to downsize to a one bedroom place. Or, any single people MUST live in a bachelor suite. Kinda like how a single diner can’t sit at a table for four when the restaurant is at capacity.

Yeah, all renters MUST share their rental suites from now on, except for singles in a bachelor suite. How will that sit with tenants? Like squishing four people into a hospital room, only those who can pay for privacy will get privacy ... even in their own home.

Imagine Horgan floating this idea at his next media event, as renters’ eyes pop out of their sockets in reaction to it.

And then the government will be telling homeowners they have to start renting out any unoccupied bedrooms in their house (or else downsize). How will that go over? When will this government overreach hit a nerve with renters?

All of a sudden socialism isn’t fun and games anymore.

Considering the fact that many socialist governments dictate who can get what apartment based on their party affiliation, it’s conceivable that the NDP might consider occupancy restrictions on rental units like you describe.

They could use the Rent Bank qualifying guidelines to encourage this behavior.

[BC Landlord]

How will the rentals be removed from the market? You may sell to another landlord. A mass exodus would push prices down allowing for renters to afford a place. Anyways, I am sure the market can handle your 3 units being removed. The capital gains is done in this cycle - perhaps it is time you sold. It sounds as if you are getting a little disgruntled being a landlord.

In most cases, they do not see rental market again. For that to happen you would need to make it attractive for landlords to acquire and operate them. As Mark explained very well, that's not what is happening nowadays. The truth is, many of existing landlords are happy if they break even at year's end, let alone make profit. And governments only make it worse. You are not going to have a healthy supply in such conditions.
Another misconception is one that an exodus of landlords will depress home prices, so that renters would be able to purchase them. For that to happen, the prices need to go down at least 50-70%. No government would allow this to happen, because there would be nothing left to govern.

[BC Landlord]

Considering the fact that many socialist governments dictate who can get what apartment based on their party affiliation, ...

Reminds of a scene from Dr. Zhivago movie, when Yuri (Omar Sharif) returns to his house in Moscow and finds a bunch of strangers living in there, one of them telling him the new government (Bolsheviks) determined that the house was too big for him alone, and showing him "his room". Great movie!

[BC Landlord]

Rent costs are now exceeding what renters can pay with their wages.

Not all of them. But if you get a diploma in community organizing, or lesbian dancing, then you can't expect your wage to catch up with it. People have to work on that themselves. There is reality out there ...

In fact, it is not wages that determine rents. The only thing that rents are directly tied into is the cost of new ownership, and that being (on monthly basis) ...

Mortgage payments + insurance + taxes + strata and other fees (where applicable) = COST OF NEW OWNERSHIP.

Now, drop this by about 10-15%, and this is your MONTHLY RENT. Please note that this calculation has nothing to do with landlord's profit, nor renter's wages. It is just an incentive, i.e. to make it cheaper to rent than own. It is anyone's CHOICE, and no government could ever legislate this.

Rent bank, however might help, for some ..

[Rejigger]

I can see Jlives point about charging only what she needs to up keep her rentals..why ?? because chances are she will have very long term Tenants who will treat her rentals like their own home...and that's priceless...just ask a Landlord that has a huge amount of turnover with their Tenants and has to constantly weed out the bad ones..it ain't fun and it usually costs them more in the long run..

Indeed, let's ask a landlord about the cost of turnover. I bet they would say that given how quickly rents can change, turnover isn't necessarily a bad thing. If the market goes down, existing tenants will request a reduction and the landlord may agree, so long as the reduced price is in-line with what they would otherwise get by listing the place on the open market. Otherwise, if the market goes up and the rental is in a province in which the government has tied the landlord's hands on rent increases, it can absolutely be worth it to have a change of tenancy. Building on your post, if the tenant says 'so long', the landlord can post an advertisement for $50/$75/$100 more per month, do their diligence in screening a new tenant, and hope for the best from that new tenant (which is all one can do in any circumstances since even existing tenants can turn into difficult tenants*). For the amount of effort on the landlord's part, the payoff can be quite impressive.

Also of note, because of the restrictions to rent increases thanks to the BC government, along with the difficulties surrounding eviction of bad tenants, a landlord should NEVER agree to reduce the rent. We can all thank the government for keeping rents high!

It isn't like hiring and training a new employee, which can at times be worth it to increase their wage rather than go through the hiring/training just to end up with someone who garners the same, or even garners worse, results than the old employee provided.

*Everything's great until it isn't. For eg. the tenant neglects something in the plumbing and claims they had "no idea" that it was going on for any length of time then unrealistically expects a quick repair ("Oh, the drywall, baseboard/trim, floor replacement, and the mould remediation is going to take longer than a day?") and requests a reduction in rent while the repairs are going on ... again, due to their own negligence. And insurance is a drag to deal with, and can be costly in the long run. So, yeah even "good" tenants can become difficult.

[Rejigger]

All of a sudden socialism isn’t fun and games anymore.

Says the landlord begging for a welfare cheque!!!

Classic.

I've NEVER been a welfare case, and at this point in my life I can say with confidence that I never will be. You have me confused for someone else. I'm the one who has repeatedly stated, "I don't know why anyone would want to be a landlord in this province." Too many British Columbians think landlords owe renters something for nothing.

Those same renters who have their hands out aren't posting about how they should get a discount on groceries, utilities, toiletries, clothing, vehicle fuel, dog/cat food (but a financially responsible person wouldn't own a pet if they can't even afford to pay their own bills), cigs, liquor, slots (but a financially responsible person wouldn't indulge in such vices), etc.

[Rejigger]

Eliminate all landlords. Leeches on society.

Eliminate all landlords? Even the government-owned rentals should be sold off? First we'd have to eliminate the NEED for landlords. That's the equivalent of saying all tenants must go buy a house. But not everyone WANTS to own a house*. Isn't that an infringement on people's rights; to take away choice and to force them into home ownership?

*some ppl think the RE market is a house of cards and they don't want to risk ownership, for eg.

[Rejigger]

By what magic?

By some landlords actually recognizing that they didn't buy their places at $500K and up.

This is, in essence, the same as saying that an empty-nester should make less money for doing the same work as a young person who's raising a family. The empty-nester should have their home paid off and is no longer required to pay for their offspring in any way (it's a choice to spend money on them at this point). Is it reasonable to expect the older generation to earn less money since their expenses should be lower than others*?

*Regardless of what the older generations actual expenses are - just like regardless of what the landlord's actual expenses are, in this example.

[Vacancyrate]

This is, in essence, the same as saying that an empty-nester should make less money for doing the same work as a young person who's raising a family. The empty-nester should have their home paid off and is no longer required to pay for their offspring in any way (it's a choice to spend money on them at this point). Is it reasonable to expect the older generation to earn less money since their expenses should be lower than others*?

*Regardless of what the older generations actual expenses are - just like regardless of what the landlord's actual expenses are, in this example.

Just like when two pee wee hockey teams are unevenly matched and by the first period the score is 45-0 and here you are encouraging the game to go on and cheering the wining team on and laughing at the opposing team and heckling them.

Just because you bought your house in 1970 for a few thousand dollars at 3x your income and have it paid off doesn't mean you shouldn't charge WALLET RAPING MARKET rental rates.

You can charge high rents, but you don't have to.

Keep playing kids! Run that score up to 150-0 by the 3rd period!