Saturday, June 30, 2007
I work in Toronto, but I'm really very glad that I don't live in Toronto. Toronto City Council is up to its usual intrusive and counterproductive shenanigans.
Everyone in Toronto has come to the conclusion that there it's a very bad thing that the availability of rental housing continues to decrease year over year. (I don't really think it's a bad thing -- it largely means that people are doing well and buying their own homes.)
But let's pretend for a moment that I agree that a decline in rental availability is a bad thing. It seems to me that then I would want to encourage property owners to rent their properties out.
The geniuses at Toronto City Council, however, think it makes more sense to impinge on individuals' rights to do as they please with their own property, and send a message to everyone that if you are thinking about building rental property (or renting out your existing property), you better think twice because any future economic decisions you might like to make with your own property will be subject to their whims.
It's pretty shocking that people of power know so little about basic supply and demand. They are simply discouraging supply.