this post was submitted on 06 Sep 2023
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'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month (toronto.ctvnews.ca)
submitted 1 year ago by [email protected] to c/[email protected]
319 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.

β€œWe 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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[–] [email protected] 0 points 1 year ago (2 children)

Not sure why you are down voted. If people know why this limit is not viable in this case they should tell. Us.

[–] [email protected] 4 points 1 year ago

From that person's link:

The guideline applies to the vast majority – approximately 1.4 million – of rental households covered by the Residential Tenancies Act. It does not apply to rental units occupied for the first time after November 15, 2018, vacant residential units, community housing, long-term care homes or commercial properties.

[–] [email protected] -1 points 1 year ago

Because they can't bleed their tenants dry otherwise.

It's not enough to have someone else paying your mortgage for you, you need to be cashflow positive each month as well.