Greetings esteemed VVers! New member after lurking a few years as a guest.
Tidy forum you have here, it's been a great resource for myself since purchasing a Victoria condo in 2015.
Thanks to the many contributors for that.
My question concerns rental restrictions.
For this months AGM, council has tabled a bylaw amendment via a 3/4 vote to institute a restriction of rentals to 15 units out of 90.
There are currently a minimum of 26 units rented.
Assuming a 3/4 majority is in favour, how is it typically determined which Owners must relinquish their unit?
Does council go back in time to when 15 units were first rented and then declare renters 16 and up ineligible?
It seems a no-brainer for the Owner group to oppose rental restrictions, if for nothing else than to protect property values.
And, given that 26 Owners currently rent their suites, it should be safe to assume there is not be a proliferation of NIMBYs who assimilate renters with pond scum.
I can only hope reason prevails, and this bylaw amendment is opposed at the AGM.
Heck, if one could count on those Owners who do rent to all vote accordingly, this should be opposed, no?
Then again, we know what can happen when the decision is left to the electorate.