Complaints of over the top rental hikes made by business operators in the George Town Unesco Heritage site has prompted the Penang government to consider implementing a rent control policy on pre-war buildings in the area.
The complaints also detailed that tenants had seen more than 500% in rental hike these past few years, which has left them with no choice but to let go of the space as well as their businesses there.
State Housing and Town and Country Planning committee chairman, Jagdeep Singh Deo, stated that they have yet to gather the actual statistic needed to enforce the Rent Control Act 1997.
Speaking to reporters at a press conference in George Town early this month, Jagdeep explained that before doing so, the Penang Government will first look to suggestions, views and reactions of local stakeholders, and the private property industry at the Penang International Property Conference happening on the 5 August 2016.
Agreeing to the notion, Penang Chief Minister, Lim Guan Eng said that state government is considering the reintroduction of rent control to curb rising rents of heritage properties.
Lim added that by doing so, it would stop the gentrification that was driving locals away from pre-war houses and buffer zones at the said site.