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Fri, 14 Jun 2024 Feature Article

Mahama's fiscal incentives for rent reforms

Mahama's fiscal incentives for rent reforms
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Certainly! Rent reforms in Ghana is needed to address various challenges faced by both landlords and tenants which aim to shift power from landlords to the Department of Rent Control.

The Ghana Rent Act (Act 220) is currently being reviewed to propose a shift from the traditional 6-month rent advance payment to monthly rent payments. Under this reform, tenants would pay rent on a monthly basis, similar to a subscription model. This will provide relief to tenants who struggle with large upfront rent advances.

With this, terminating contracts with undesirable landlords becomes quicker, requiring only a notice of non-renewal; and landlords may lose some control over pricing and payment terms due to the Rent Control Office setting a price ceiling.

And this will prevent landlords from exploiting desperate tenants.

Nonetheless, by this means, there would be some advantages for house owners, and landlords can benefit from a steady stream of income, akin to receiving a monthly salary.

In summary, these reforms seek to create a more equitable rental market, benefiting both tenants and landlords. While challenges exist, the ultimate goal is to improve housing conditions and protect vulnerable renters.

And this will be the focus of H.E. John Dramani Mahama when he becomes president on January 7, 2025.

He will offer tax incentives for landlords who offer affordable rent prices to tenants, such as a reduction in property taxes or income tax credits.

He will also offer grants or subsidies to landlords who invest in improving the quality of their rental properties, such as energy-efficient upgrades or renovations.

President Mahama will encourage the development of affordable housing units through tax breaks or other financial incentives for developers.

He will implement a rent control policy to limit rent increases and protect tenants from being priced out of their homes.

JDM will provide financial assistance to low-income tenants to help them afford rent payments, such as rental assistance programmes or housing vouchers.

He will create a rental registry to track rental prices and ensure transparency in the rental market.

The young man from Bole will offer incentives for landlords to participate in affordable housing programmes, such as rent-to-own schemes or shared equity arrangements.

He will implement stricter regulations on evictions to protect tenants from unfair or unjust evictions. And provide support and resources for tenants to negotiate fair rental agreements with their landlords.

Additionally, he will collaborate with stakeholders in the real estate industry to develop comprehensive solutions for addressing the housing affordability crisis in Ghana.

Let us seal this by voting massively for him and his parliamentary candidates on December 7.

Anthony Obeng Afrane

Which team do you think has the higher chance of winning the 2024 elections?

Started: 02-07-2024 | Ends: 31-10-2024

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