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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 girlfreddy@lemmy.ca to c/canada@lemmy.ca

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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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[-] skulkingaround@sh.itjust.works 2 points 2 years ago

It's not that, it's purely supply. Landlords are a proxy for tenants, whether willing or unwilling, in the housing market when it comes to demand. They are no more interested in driving up housing prices than owner occupants are (which is to say, the vast majority of both are interested in driving up housing prices). The catch is, you can't drive up housing prices in a market where there isn't a supply constriction. Build more housing where people want to live, and you won't have to do anything else for the problem to fix itself.