Rent controls and stabilization are supposed to improve the lives of renters. They seldom do. Still, from New York to Toronto, such restrictions are politicians’ favoured response to housing shortages and affordability concerns.
The Ontario Liberals followed that mantra in April when they restricted the annual rent increases for existing tenants to a maximum of 2.5 per cent. Ontario Premier Kathleen Wynne claimed such measures were needed to cool rents and house prices.