Originally Posted by ssiguy
I don't understand the London housing market, I really don't.
What is it with London building all these new massive rental buildings? In a city as cheap as London who would rent an expensive apt when they could buy a condo for less money?
For this particular instance, in the downtown, developpers have been given incentives such as exemptions from development charges and a portion of the property taxes are forgiven for (I believe) 10 years - the way this works is that only the owner of the property can receive these incentives, if they were condos tricar wouldnt be able to benefit as they would no longer be the owners.
So like the previous post said they could flip them to become condos when they no longer receive incentives from the city. I think its a pretty good deal if someone has the money to build a tower.