MCViewPoint

https://www.economicpolicyjournal.com/2019/10/toronto-discovers-free-markets-toronto.html#more

Well, how about that, Toronto’s apartment crunch is finally easing, reports Bloomberg.

The city is starting to see vacancies again.

The vacancy rate rose to 1.5% in the second quarter, the highest since 2015 and things are looking up.

Nine new buildings totaling 3,078 units began occupancy in the 12 months through June, a 25-year high for annual completions. And things are only going to get much better.

The number of units proposed by builders reached a record 44,093 units in the second quarter.

The secret ingredient that is causing the Toronto apartment boom miracle? Free markets.

“The growth in purpose-built rental applications follows the provincial government’s recent removal of rent control for new buildings,” according to the research firm Urbanation.

Someone should forward this news to California Governor Gavin Newsom (See: California Governor Signs Law to Prevent Easing of Housing Crisis).

–RW

Be seeing you

Chicago progressives…err…Socialists