LAFLEUR and FILIPOWICZ: Rent control wrong answer for Calgary's rental woes yyc
Of course, some well-meaning housing advocates have other ideas. For example, some people want the provincial government to impose limits on rent increases to deal with rental affordability. One advocacy group is pitching a 2% cap on rent increases, which given current inflation rates, would actually mean a reduction in inflation-adjusted rent. While it’s understandable that people are worried about affordability, this cure would be worse than the disease.
Indeed, the profit motive is precisely what leads people to build the housing in the first place. As Adam Smith wrote, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest.” If developers don’t see a prospective return on their investment, can you blame them for not wanting to build? It’s not much different than when a high-skilled worker decides to move because they can make more money elsewhere.
Calgary needs more housing to keep rental prices in check. More supply and more competition is the best remedy for high prices.Share this article in your social network
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