The dust has settled and only five of the seven changes proposed by nine legislators survived. Rent control was voted down after a heated debate. Those passed into law are (1) extension of minimum lease term from 2 to 3 years; (2) establishment of an arbitration mechanism; and (3) notarisation of leases.
The government considered high rent as threatening the livelihoods of poor families and survival of SMEs (small- and medium-sized enterprises). The rise in rent was, however, just to reflect the rise in property prices. The legislators proposed two changes to relieve tenants from paying high rents.
First, they proposed to extend leases from a minimum of two years to three years. During the term, landlords cannot but the tenants, upon paying landlords compensation, can unilaterally terminate the leases.
