Property owners in St. John’s say long-standing rent controls are making it financially impossible to repair and upgrade aging buildings, warning that limited allowable rent increases leave them unable to fund basic refurbishment in the capital.
During a public consultation on the future of St. John’s, one property owner said rent increases are effectively capped at between 10 and 15 percent, arguing that such limits do not come close to covering the cost of repairs, materials and labor.
The speaker said the restrictions mean owners often absorb rising costs without the ability to reinvest in their properties, contributing to deterioration rather than renewal.
The concern was raised as part of a wider discussion on urban decay, with property owners arguing that enforcement alone will not reverse decline unless the financial realities of maintaining buildings are also addressed.
Government officials acknowledged the issue during the consultation, noting that outdated rent legislation has become part of the broader challenge affecting building upkeep and investment in older urban areas.
VIDEO
WATCH: A property owner explains how rent caps of 10 to 15 percent make it financially difficult to refurbish buildings in St. John’s, as concerns mount over the economic drivers of urban decay.
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So dem carn do likkle likkle? Always with some excuses. People always wants things to be subsidized.