But while it was landlords who asked for these change, tenants will also benefit. Because they, too, want their homes to be safe and secure. And they, too, stand to gain from a system that will see dangerous neighbours leave sooner rather than later. Finally, one other important aspect of our new law is the role it will play in creating a climate where people will invest in new rental housing, and in the existing rental stock. That's why our government has passed the Fair Municipal Finance Act, along with the Tenant Protection Act.
Municipalities are now able to reduce the tax burden on existing rental apartments over time.
Municipalities can tax new buildings in a fair manner right away as a spur to new construction. In fact, we have seen a 455 per cent increase in the number of new rental housing starts in the first quarter of this year. Ladies and gentlemen, let me close my remarks by saying that I am very confident our government has produced a well-balanced rent control system that works for both landlords and tenants. We've levelled the playing field, and we've made the rental business fair for everyone, so that we can stimulate activity, get investment rolling and get things moving again. And that is really the essence of what our government is trying to do with all of the changes we are making in this province.