In response to the Penang’s Heritage Site being put at risk by foreign investors, Penang’s Chief Minister Lim Guan Eng is considering reinstating the rent control law. Previously reported in PropertyGuru, the elderly in Penang are being evicted and are being forced to be homeless due to callous property investors and increasing rental.
Property experts are however attempting to discourage the reinstatement of rent control, as the last time this law was implemented, the prehistoric buildings were neglected as the landlords deemed the rental returns too low to be worth the effort. According to the landlords, the only people who benefitted from the low rental were the tenants who in turn rented out their homes to visitors.
To read the full article, please visit Penang CM: To Considering Reinstating Rent Control Law
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