No policy for industry

By DALE LUMA
THE Independent Consumer and Competition Commission (ICCC) does not have any control over rental rates because there is no policy for the real estate industry.
In response to questions from The National on whether rentals should be regulated to give businesses relief during the Covid-19 pandemic, the ICCC said, in a statement, rates were controlled by market demand.
The micro, small and medium enterprise (MSME) council recently said the impacts of the Covid-19 had been a problem to many small businesses which could not pay their rents.
The council called on property owners to be lenient on businesses and individuals as the Covid-19 had disrupted business, resulting in less income.
The council submitted recommendations to the Government, including rental relief for MSMEs.
The ICCC conducted a housing and real estate industry inquiry in 2010 resulting in a report to address high rental rates.
The ICCC said the report, however, did not consider the option of regulating businesses.
Most of its recommendations have not been considered.
“Currently ICCC does not have any control,” the commission said.
“Rates are determined by market forces of demand and supply.
“This is due to the fact that there is no policy and legal framework for the real estate industry.”
The ICCC in its 2010 report did not consider regulating the industry.
“Instead, ICCC proposed that the factors contributing to the high rental and house prices in the country be addressed,” it said.