Thank you, rent control
Exciting news about Taurean Global Properties' plan to convert the Aldelman building on Princess Street to residential apartments.
In the CBC story, it is notable that Taurean president Doug Thiessen says he "decided to create apartments instead of condominiums because there are many condo projects in the city but a very low vacancy rate for rental units.
"There hasn't been a whole lot of rental property building for a long time, I think because of rent controls and different factors. Yet [Winnipeg has] an insanely low vacancy rate and it's gotten to the point now where it's actually worth it to build," he said.
Like how food shortages are great for agricultural commodity prices, rent control is, finally, having an unforeseen benefit on the rental market--for whatever suppliers are left standing, and for whatever consumers have enough good luck/ references to land a place.
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Word is that a grocery store of some sort will open up on Arthur Street this year. Does this mean I no longer have to go all the way down to Dominion News to buy the Saturday Globe? This is a venture that has much potential to be successful. Quickly serve up breakfast and coffee to go, like some of the better Manhattan bodegas, and you've got a winner.


















