Two sisters were shocked when a Toronto landlord raised their rent by $7,000 per month.
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.
Landlords provide housing the way scalpers “provide” tickets. The solution for people who need can’t afford to buy or who only need short term accommodation is public housing.
The CMHC used to provide funds to the provinces which would then build big public housing units with affordable rent. This provide a check & balance to the free market, keeping rents and house prices from skyrocketing. But then in the 80s and 90s, both Conservative and Liberal PMs successively defunded that aspect of the CMHC to solve budget issues, and those properties were destroyed as they reached their “maturity” date, regardless of whether the building was still usable or not.
I lived near one of them, located here: https://maps.app.goo.gl/SG2kkXeVsp3Nia2RA
Check out the street view and click “see more dates” for 2012, that’s housing for 90+families. Then in 2014 it was closed for demolition. And today it’s still an empty grass lot. Almost 10 years as a Govt-owned empty lot, instead of affordable housing, because those Govts kept promising “market solutions” to housing problems.
But it turns out the “problem” with housing was letting the “free market” turn it into another Tulip Bulb craze, instead of keeping it an affordable necessity
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Landlords provide housing the way scalpers “provide” tickets. The solution for people who need can’t afford to buy or who only need short term accommodation is public housing.
The CMHC used to provide funds to the provinces which would then build big public housing units with affordable rent. This provide a check & balance to the free market, keeping rents and house prices from skyrocketing. But then in the 80s and 90s, both Conservative and Liberal PMs successively defunded that aspect of the CMHC to solve budget issues, and those properties were destroyed as they reached their “maturity” date, regardless of whether the building was still usable or not.
I lived near one of them, located here: https://maps.app.goo.gl/SG2kkXeVsp3Nia2RA Check out the street view and click “see more dates” for 2012, that’s housing for 90+families. Then in 2014 it was closed for demolition. And today it’s still an empty grass lot. Almost 10 years as a Govt-owned empty lot, instead of affordable housing, because those Govts kept promising “market solutions” to housing problems.
But it turns out the “problem” with housing was letting the “free market” turn it into another Tulip Bulb craze, instead of keeping it an affordable necessity
How many tenants do you know wish they could buy vs needed to rent because they won’t stay long?
Like, all of them?
Sure bud
Most of my tenants wish they could buy. I always tell them they should just work harder and get good at capitalism.