Parts of this crackdown make sense, but going after the owners of legally non-conforming micro suites is reckless overreach.
I understand and applaud regulation that cracks down on illegal Airbnb. However, the proposal to eliminate the legal nonconforming so called “loophole” that disallows the legal use of property is a step too far.
However, then like now, it was difficult to make the numbers work. Few people want to live full-time in one room of about 300 square feet or less, with no parking and no amenities. Simply put, these old buildings were renovated, zoned, incentivized, built and licensed with hotel-size suites. It is therefore disingenuous for the city to now be upset that they are being used as short-term rentals when everything was in place for that to be their best use.
Add to that, that these sales will be subject to GST. Rents covering all those costs simply aren’t achievable for a single room. Investors won’t buy them. Likewise, they have limited attraction for long-term tenancy whether as owners or tenants.
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