Hello Everyone Investing in Hamilton Real Estate!
Nooooooooooooooooo!
Today is a great day and I’m sure you all breathed a sigh of relief when you heard that sanity prevailed and council made the right decision to vote NO to rental licensing where us good, ethical investors have to pay the price for what bad slumlords have done.
You can read the full article here
The problem with licensing in my opinion is the bad landlords will never apply for a license and attempt to operated under the radar for years as they will be able to since all the city inspectors will be overwhelmed in inspecting our (the good guys) quality properties. No different than the 80/20 rule, 80% of the problems are directly related to 20% of the properties so why not target those 20% rather than taxing us all and our tenants.
Even the city’s top, non-elected official, City Manager Chris Murray recommended proactive enforcement (the same recommendation by the HDAA and RAHB) vs. licensing. It seems the tone of the councillors changed shortly after Mr. Murray made his recommendation. Makes sense when you consider the estimates of the people who would be displaced by licensing would be 8,000-10,000. Hamilton’s shelters and affordable housing is already stretched.
What the city is going to do is hire four full-time staff to inspect properties and purchase four vehicles for a cost of $455,000 to tax payers while raising $180,000 in taxes. Sounds steep but licensing would have cost us tax payers a heck of a lot more.
Inner Circle Members, I’ll see you Saturday!
Till next time – Happy Hamilton Investing Everyone!
Erwin |Â MrHamilton.ca
PS: If you are just starting out investing, start by investing in yourself by getting training by Clicking here for FREE Training on “How to Invest in Nice Homes in Nice Areas”
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