Currently in Vancouver, residential tenants are limited to rent increases of up to 2% per year. However, this limit does not apply to commercial rentals, whose tenants can suddenly be asked to pay significantly more rent than they have been - in some cases double or more. This has created a heavy burden and considerable uncertainty for small businesses that rent commercial space, to the point of sometimes driving them out of business entirely. Furthermore, there is a tendency for rents to increase at a rate equal or greater to the increase in profitability of the renting businesses, causing those profits to flow directly to the landlord instead of to hard-working business owners and entrepreneurs. This in turn requires businesses to raise prices while often cutting back on quality and suppressing employee wages and benefits. The result is a much less liveable city and one where entrepreneurship discouraged.
Solution: Why not apply the same rental increase limits to commercial properties that apply to residential properties?