OPINION: There is too much uncertainty and risk embedded in the program. For example, if a landlord goes bankrupt they have to pay all the government money back.
Under the program, tenants get a 75-per-cent break on rent because the landlord agrees to forgive 25 per cent and the feds and province cover the last 50 per cent. The tenant still pays a quarter of their monthly rent. Note that under this program the landlord still gets 75 per cent of the total rent covered.Article content continuedUnfortunately, over half of the members of the B.C. Chamber of Commerce are telling us their landlords do not intend to participate in the program.
In fact, there is a simpler reason why landlords are saying they will not apply. Our survey results suggest too many tenants are still paying their monthly rent for this program to make sense for landlords. As a landlord, why would you voluntarily apply for a program that will bring in less money when most of your tenants are still meeting their contractual commitments to pay rent? Clearly, you would not.
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