made.
+
Wednesday, June 6, 1973
The following tables illustrate how the calculations would be
Tenement floor controlled under existing legislation:
Assessed fair market rent:
$575
Existing controlled rent :
$290
Divide by factor
5/285
==
$55 (rounded off)
Similar tenement floor let at the end of 1972
Assessment fair market rent:
$575
Existing rent:
$500
Divide by factor:
5/ 75
= $15
Increase per month: $15
Each such increase allowed would subsist for two years.
If no
increase is allowed, the landlord would be allowed to apply again in one year.
Increases in rent of sub-tenancies would generally follow increases
in the rent of the head-tenancy.
Both the landlords and the tenants would have a right, subject to
payment of a small fee, to ask the independent tribunal to review the increase
allowed.
It is also proposed to tighten legislation generally, including
introducing provisions to oblige a landlord to issue a receipt for rent.
It is also envisaged that conditions under which landlords can obtain
possession for their own or family use, will be made more stringent.
15