While some aspects of the Residential Tenancy Act will protect both landlords and tenants, a few may yield unintended backlashes that will stifle growth.
“If there was a cap on the percentage of rental amount that can be raised, landlords cannot get enough rental income to fulfil their duties while earning a decent income off the property. It also led to the evolution of the unsavoury practice of “tea money”, in which tenants needed to pay a large initial fee that circumvents the legal constricts of rent control to earn the privilege of renting at low rates.
“It is unfair to dictate who the landlord can or cannot rent out to. It is their individual right to choose,” he added.
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