Sanwo-Olu explained that the move is not to punish or reduce the expected incomes of property owners.
According to him, the move would rather reduce the pressure of paying for yearly rents on tenants. It is designed to help them afford to pay for the rent, by checking the amount of money they earn in a month.
Sanwo-Olu added that the policy emanated from an agreement reached by an association of tenants, consortium of financiers and the Government.
“We should not just build property only for consumers, we must also build skills and integrate them in our built environment to showcase great output. Technical and vocational skills are things we must deliberately harness and reflect in our work. At the end of the day, we must be able to design a housing development and ownership model that is fit for our purpose and peculiar to our local needs,” he said.