Renter worried

I rent in Columbia Falls, and my rent went up by 16% this year, which is almost double the rate of inflation. I anticipate it going up by the same amount or more this upcoming year.

I attended the zoning change city council meeting on Valentine’s Day, and I heard and understood the statistics presented, arguing that an increase in housing availability will result in a decrease in housing price inflation.

The developer Mr. Kapoor stated that the rent he charges will be based on the “market rate” of the area. Don’t we think that a housing development of this size, all owned by a single entity, might actually have the power to determine the market rental rate of an area? And if not determine, at the very least strongly influence the market rental rate of the area? 

I don’t think anyone will argue that this development is a money making enterprise. We understand this. We get it. We all like to make money. With this in mind, Columbia Falls citizens need to know what safeguards are in place, if any, to prevent a monopoly-type development like this from systemically inflating the rental market further over time, through incremental rent hikes like the ones we’ve all experienced, rather than bringing the inflation back down?

If the city council allows this development to be built, they are putting the financial well-being of renters in Columbia Falls solely in the hands of Mr. Kapoor and Location Ventures. 

This is not a position that I as a renter want to be in.

Katharine Gruber

Columbia Falls