Careful what you wish for

Dear editor: Your editorial on the subject of closing rental loopholes, in my opinion, comes under the heading of: “Be careful what you wish for.” Ask why very few new rental units have been built since the 1960s and the answer is, until very recently, no return on investment.

Property in Greater Victoria has escalated in value at an amazing rate and will no doubt continue to do so. Every landlord is aware of the value of his investment and the returns he can obtain, and he will simply cash out and move the money.

I don’t think this is the solution the government is looking for, but with this change that is what they are going to get.

Let’s put the shoe on the other foot and have the B.C. government agree to the same terms. No increase in public services beyond two per cent plus the annual cost of living. This includes ICBC, B.C. Hydro, B.C. Ferries and MLAs’ salaries. If landlords can manage it, so can they.

I agree more low-cost rental housing is required, but it has to be built at a lower cost and this can only be done by local government (on donated or existing government land), not by restrictions on private investors who simply look at financial returns. William R. Webster

North Saanich

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