Re: “It’s time to fix the rent problem,” Aug. 27. What has rent rates got to do with the inflated house prices? Just because the area has a high demand condition cutely called market values? These rising prices have nothing to do with costs. The so-called value is invented because it can be.
Ordinary common wages have not risen for 40 years, making sure that renters cannot afford any rise in rent. Even a 2.5 per cent increase is pure greed.
The rising value of housing is not a cost that prevents landlords from doing maintenance. Upgrades, on the other hand, are not maintenance but are in the class of capital costs, which the owner should be expected to find on his own as was done for the original construction.
Remember that a $30,000 mortgage only 40 years ago inflated itself into current valuation of $500,000. Bare lots in the Garibaldi Highlands that started out in the $3,000 range have multiplied by 70 times and more. There has been no additional cost creating a $200,000 lot than existed for the $3,000 or $30,000 lot. Inflation is a growth industry that needs to be curbed.
Terry Smith
Garibaldi Highlands
