649
'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month (toronto.ctvnews.ca)
submitted 2 years ago by girlfreddy@lemmy.ca to c/canada@lemmy.ca
323 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments
[-] Transcendant@lemmy.world 151 points 2 years 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 2 years 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 2 years ago

Bank can't do the same thing?

[-] Transcendant@lemmy.world 7 points 2 years 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 2 years 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.

[-] Aux@lemmy.world -3 points 2 years ago

No

[-] _number8_@lemmy.world 10 points 2 years ago

non-artist-based pOrTfOlIos should be criminalized

[-] TotallyHuman@lemmy.ca 4 points 2 years 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
649 points (97.0% liked)

Canada

9728 readers
635 users here now

What's going on Canada?

Related Communities

🍁 Meta

🗺️ Provinces / Territories

🏙️ Cities / Local Communities

Sorted alphabetically by city name.

🏒 SportsHockey

Football (NFL): incomplete

Football (CFL): incomplete

Baseball

Basketball

Soccer

💻 Schools / Universities

Sorted by province, then by total full-time enrolment.

💵 Finance, Shopping, Sales

🗣️ Politics

🍁 Social / Culture

Rules

  1. Keep the original title when submitting an article. You can put your own commentary in the body of the post or in the comment section.

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage: lemmy.ca

founded 4 years ago
MODERATORS
otter@lemmy.ca
mp3@lemmy.ca