A report from McGill University indicates that crackdowns on short-term rentals in British Columbia have led to a 5.7% reduction in rents, saving tenants over $600 million last year. The principal residence rule in cities like Vancouver has resulted in renters paying an average of $147 less monthly. The provincewide regulation, effective May 2023, is expected to further decrease rents by 4%, saving an estimated $592 million annually by 2027. The report highlights the potential financial impact if these rules are repealed.