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submitted 1 year ago by girlfreddy@lemmy.ca to c/canada@lemmy.ca

The landlord had told them he wanted to raise the rent to $3,500 and when they complained he decided to raise it to $9,500.

“We know that our building is not rent controlled and this was something we were always worried about happening and there is no way we can afford $9,500 per month," Yumna Farooq said.

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[-] Transcendant@lemmy.world 151 points 1 year ago

Same thing is happening to me right now (UK). LL inherited a portfolio of mortgage-free properties a few years back, immediately jacked the rent up on them all. I tried to haggle what imo was an egregious rent increase (notified middle of the year after asking for a minor repair), we agreed on a price then he served me notice to quit; via the letting agent, not a peep or thanks from the LL after I've put ~£90000 into his familys' accounts over 13 yrs.

Of course, I can pay someone elses mortgage, but when I apply to a bank for one myself, I can't afford it.

[-] corsicanguppy@lemmy.ca 44 points 1 year ago

I can pay someone elses mortgage, but when I apply to a bank for one myself, I can’t afford it.

But when you can't afford it any longer, the landlord is free to replace you with someone who temporarily can. That's the difference!

[-] can@sh.itjust.works 6 points 1 year ago

Bank can't do the same thing?

[-] Transcendant@lemmy.world 7 points 1 year ago

This is what I don't get. Where's the risk for the lender? If I can't pay, they get the house and can sell it. I guess there's a potential cashflow issue but the underlying asset isn't going anywhere.

[-] w2qw@aussie.zone 3 points 1 year ago

Typically it's pretty low risk in comparison to other loans which is why home loans are relatively low but there's a risk that both the property value declines and the outstanding loan and selling costs is more than property value.

[-] _number8_@lemmy.world 10 points 1 year ago

non-artist-based pOrTfOlIos should be criminalized

[-] TotallyHuman@lemmy.ca 4 points 1 year ago

Why? In a non-artistic sense it's just a pretentious way to say "stuff you own". (Unless you're saying owning things at all should be criminalized, in which case... can't really argue with you there.)

this post was submitted on 06 Sep 2023
647 points (97.0% liked)

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