- Home prices continue to climb because now it's legal to have strangers live in your basement?
- Rents suddenly decrease because of a massive number of homeowners moving strangers into their basements?
I support the city doing this only because it means that (hopefully) renters living in crappy basement apartments will be more likely to complain about the crap they're living in without fear of being evicted from where they weren't legally supposed to be.
I can't imagine, in these market conditions, that there will be a sudden surge in house-lifting and suite additions. Contractors are busy. How busy? Booking 6 months to next-year-soonest busy. Old home renovations are costly, time-consuming jobs that are extremely hard to bid because you never know what you'll uncover when you start knocking out the plaster.
Most contractors I know through the family network won't touch jobs like these because they're seen as no-win. The customers want to do the job on the el cheapo and rarely agree to an open-billed arrangement that protects the contractor. Hence, the contractor picks and chooses other work; and in this market there is no shortage of safer, more lucrative work for contractors.
Sure would like to see other municipalities follow suit though. Heck, I'd like to see them amalgamate. But that's a whole other issue vaguely related to this blog.