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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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[-] vacuumflower@lemmy.sdf.org 2 points 2 years ago

corporate landlords

OK, maybe I was too quick to judge. See, in my country most landlords own 1-3 apartments which they rent out. That includes new construction. The idea of "corporate landlords" is not very common here.

If there's no way a person willing to be such a 1-3 apartments' landlord can buy realty to rent out in USA - then you may be right.

If there is, then my position doesn't change.

We are talking about 100x profit vs 10x profit for developers.

You are saying that rent a landlord collects from an apartment in 10 years (you may make it 5 years or 20 years, should be the span of time in which landlord's investment should return) is 10x the price for which the landlord buys it? That is, what you pay to a landlord in 1 year is the cost of the apartment plus utilities plus decoration plus furniture? I suspect this is not true.

[-] uis@lemmy.world 1 points 2 years ago

That is, what you pay to a landlord in 1 year is the cost of the apartment plus utilities plus decoration plus furniture?

Cost of apartment if landlord would not participate in bidding. For person it would be 10%, not 100%.

[-] vacuumflower@lemmy.sdf.org 1 points 2 years ago

It wouldn't, because a landlord proxies tenants' bidding.

It's funny, I had some course (or maybe it was after class activity) for one year called don't remember what in school (2 different things, one kinda economics, one kinda sociology), we'd basically roleplay political systems and economic systems.

It'd give you the correct answer very quickly. Only you need a group of 20+ who are not all friends (like in a class).