Yup. There was a discussion about this last year and that’s exactly what Some of us proposed but of course you had people calling it illegal. It isn’t if you do it properly.
Your tenant will tell you it’s not fair and rents should be lowered to reflect the condos, but when market rent goes up they’ll tell you that you can’t raise rent above the legal limit. Saw this from a mile away.
So there are landlords that dropped rent by $500+. No way those tenants will agree to pay the going rate even though that’s what they wanted when it benefited them.