1/ The City's announcement about the roll-out of enforcement on short term rentals including #Airbnb is a good time to share something I caught wind of last week. Apparently there is a group of realtors that are having discussions to find "workarounds"...
toronto.ca/news/city-of-t…
2/ about the new rules. One of the schemes involved "I lease your property and you lease mine" and then add the original owner as a co-host. Because their interpretation was it's okay for renters to let out on STR sites. While renters can "sublet" to STR, my reading sees it as...
3/ only if the place you're renting is YOUR principle residence (where you get mail, etc.). So I don't see that scheme - sorry, "workaround" - as finding a loophole. Whatever they're trying to do, it certainly doesn't align with the spirit of the legislation.
4/ It's ironic that this kicks in at a time when the rental market is really soft, which brings me to a point I've made before. I think the City's regs should be written to only apply under a certain vacancy rate. If there's 5% vacancy, and no shortage of options for long term...
5/ renters then why punish property owners by basically forcing them to have their place sit empty. 🤷♀️I think it was short-sighted to believe the rental market would only ever be super-tight in this City.
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