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 2 years ago by [email protected] to c/[email protected]
313 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.

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[–] [email protected] 9 points 2 years ago* (last edited 2 years ago)

I think last year's inflation spike demonstrates that "2.5% per year regardless of your carrying costs or maintenance costs changing due to interest rates and inflation" is not modest. A reasonable rent control policy would let landlords gradually adapt to market realities without giving them the power to gouge or de-facto evict tenants with sudden rent spikes.