People may face jail terms for making exorbitant rent hikes: Minister
ŞANLIURFA
Real estate owners who increase rents exorbitantly may face imprisonment, while judicial and administrative fines will be among other options, Justice Minister Bekir Bozdağ has said.
The regulation that sets a 25 percent ceiling rate on rent hikes will be extended, Bozdağ said yesterday, speaking to private broadcaster NTV. The minister said they prepared three alternatives for those who make exorbitant increases.
“It could be a prison sentence or a criminal penalty, or an administrative fine may be imposed,” he elaborated.
The infrastructure of the law was prepared by the instruction of President Recep Tayyip Erdoğan, Bozdağ said, pointing out that other examples around the world will also be examined.
Reminding that Article 237 of the Turkish Penal Code is related to exorbitant prices, the minister said, “By creating a new item called 237/a, some measures will be taken not only for rents but also for other consumer goods.”
“If a hike is made outside the reasonable and current market conditions of that day, though there is no increase in inputs and costs in the market, for example, it is extremely important to not only prohibit but also to impose a sanction,” the minister added.
“If the rent increases are made for the sole purpose of gaining profit without a justified reason and contrary to the market conditions, this should be subject to a penalty.”
