XN000022-1975-11-21 — Page 5

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FRIDAY, NOVEMBER 21, 1975

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SUB-LETTING WAS FOUND TO OCCUR IN LESS THAN SIX PER CENT OF THESE PREMISES.

THE ESTIMATED AVERAGE FAIR MARKET RENT OF FLATS IS PUT AT ABOUT 11-1/2 TIMES THE PERMITTED RENT BUT ONLY THREE TIMES AVERAGE RENTS ACTUALLY BEING PAID.

A LARGE PROPORTION OF PRE-WAR HOUSES ARE NO LONGER SUBJECT TO THESE CONTROLS, OR ARE OCCUPIED BY OWNERS OR THEIR EMPLOYEES.

IN COMMERCIAL BUILDINGS ESTIMATED AVERAGE FAIR MARKET RENTS WERE FOUND TO BE ABOUT 14 TIMES PERMITTED RENTS BUT WAS A LITTLE LESS THAN TWICE THE RENT ACTUALLY PASSING.

ON POST-WAR DOMESTIC PREMISES, THE REPORT MENTIONS :

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THE LIKELY VERY SERIOUS FALL-OFF IN THE COMPLETION OF NEW DOMESTIC BUILDINGS IN 1975 AND 1976.

* THE LARGE NUMBER OF TENANCIES WHERE, ALTHOUGH COVERED BY

THE CONTROLS, LANDLORDS AND TENANTS SETTLE TENANCY AND RENTAL MATTERS WITHOUT REFERENCE TO THE DEPARTMENT.

* THAT MOST OF THOSE TENANCIES BROUGHT INTO CONTROL IN 1970 WERE, ON APPLICATION, AWARDED THE MAXIMUM INCREASE OF 21%, WHEREAS FOR THOSE CONTROLLED IN 1973 THE MAXIMUM INCREASE WAS CERTIFIED IN LESS THAN 30% OF APPLICATIONS.

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AVERAGE CERTIFIED INCREASES FOR '1970' CONTROLLED PREMISES RANGED FROM 15.52% FOR LARGE FLATS TO 18.77% FOR SMALL TENEMENT FLOORS WHILE FOR '1973' CONTROLLED PREMISES THEY WERE FROM 8.61% FOR MEDIUM FLATS TO 14.2% FOR LARGE TENEMENT FLOORS.

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* DESPITE THE INCREASES PERMITTED UNDER THIS LEGISLATION

REGULATED RENTS FOR '1970' CONTROLLED PREMISES ARE STILL ON AVERAGE NO MORE THAN 50% OF OPEN MARKET RENTS, WHILE '1973' CONTROLLED PREMISES ARE AT ABOUT 65%.

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GENERALLY FAIR MARKET RENTS ESTIMATED BY THE DEPARTMENT FOR THE PURPOSE OF THE LEGISLATION ARE SOME 10-15% BELOW OPEN MARKET RENTS.

* THERE HAD, UP TO THE END OF 1974, BEEN OVER 600 APPLICATIONS

.TO THE RENT TRIBUNAL FOR A REVIEW OF CERTIFICATES ISSUED

BY THE COMMISSIONER..

MR. FRY SAID: +HOPEFULLY IN THE COMING YEAR IT WILL BE POSSIBLE TO FURTHER REFINE AND SUPPLEMENT THE STATISTICS INCLUDED IN THE REPORT. +

THE REPORT IS AVAILABLE AT THE GOVERNMENT PUBLICATIONS CENTRE, STAR FERRY CONCOURSE, AT A COST OF $20.

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