1st
|
amend the Condominium Act so rental developers can use the same tools to their advantage. |
2nd
|
allow condo towers to be developed explicitly and entirely as
“rent-only condos,” packaged with slightly different rules, services
and governance structures to attract rental-oriented investors. When
units are sold in these towers, they’ll stay in the rental supply. |
3rd
|
make these purpose-built rental condos eligible for the same government benefits as conventional rental towers. |
4th
|
with government making more land available for rental projects,
officials should pre-zone and fast-track approvals of this land to
reduce approval risk. Property tax assessment policies should not tax a
builder who is assembling or holding land to build a new rental tower
as if the tower has already been built. |