Howard is a Staff Writer based in Burnaby who covers real estate and commercial real estate, with a focus on housing policy and the development industry.
New Westminster Councillor Tasha Henderson is asking the Province to allow rent control for commercial tenants, akin to what's allowed for residential tenants., landlords are limited in the increase in rent they can demand each year, with the limit for 2024 set at.
As examples, Henderson pointed to The Thirsty Duck Pub on on 12th Street, which Henderson says is seeing their rent "nearly triple" in their lease renewal, from $12 to $30 per sq. ft, as well as the Vancouver Circus School located within New West's River Market, which she says is set to face a rent increase from $17 to $39 per sq. ft.
Another "unappetizer" listed is "ever-increasing property taxes," which notes that "As commercial properties pass taxes on to tenants, establishments have to eat the cost of property tax increases."— file for creditor protection after facing financial difficulties that primarily arose as a result of the COVID-19 pandemic — not to mention the many smaller businesses that have undoubtedly been forced to close.
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