I should add that I don't believe for a second that he's cancelled anything.
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Before this thread gets even more O.T with speculation, the answer to the question of what will happen with this development was already answered just 1 page before the question was asked:
It's business as usual. There will still be demand for rentals, and as long as there is still demand, there will still be profit to be made. Developers would be stupid to back out now, especially since purchasing is becoming less of an option for more people. At the end of the day, most rental providers are already being fair with rent increases, with increases falling within rent control guidelines which don't even apply to them. New guidelines will not have an effect on these companies.
If in the process these rules end up weeding out the companies who are more driven by greed, then that should be considered a good thing.
But first it has to go to City Council on April 26, so there's nothing appeal yet. The final Council vote can also include amendments, so no-one should be counting their chickens yet.
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