Out-of-town property manipulators are not wanted here, thanks.
And that is especially true for multi-unit residential buildings.
Our housing market is cursed with a dearth of affordable housing. Some point to housing prices that rose seemingly exponentially during the pandemic.
And that is partially true, as demand far outstripped supply. But some of that demand came from out-of-town property speculators.
People were buying homes unseen, hoping to soon flip the house for a profit, or hang onto it as a landlord.
With the price of a house rising, we also saw rental prices leap. And for some landlords, they felt they were missing out on the cash grab.
It’s not easy to kick out a renter for no reason. The person pays their rent on time, never earns complaints from other tenants and neighbours, and they should be able to live in an apartment for as long as they want, right?
But if a landlord were to renovate, then some believe they can simply boot people to the street and start fresh.
Naturally, they have to offer the original tenant the opportunity to return to their unit at the same rental price than before the renovation. But if a landlord makes the timeline untenable, then a tenant is more likely to resettle elsewhere, at a much higher price for them, leaving the landlord to inflate the price at the original apartment for the next tenant.
Heck, some landlords even offer “cash for keys” where they will pay a lump some for the tenant to end their lease and find another place. That prevents the tenant from returning even after the renovation.
At Terrace Forty on Witherspoon Street in Chatham, the new landlord, a numbered company, has told tenants they must renovate due to safety concerns for asbestos and lead.
And renovations will take eight months.
Residents are in an uproar, and C-K Legal Clinic officials are involved.
At a time with such limited affordable housing, the mere idea of putting someone out on the street seems particularly vile. Surely something else can be done at that building.
It appears tenants are ready to fight. Good for them.
