girlfreddySep 6, 2023

'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month

https://lemmy.ca/post/4748568

'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month - Lemmy.ca

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.

Show threadPxtlSep 6, 2023
It shows that “no rent control” basically means “your landlord can throw you out at any time without notice” by raising rent to a ludicrous amount. It completely undermines all other tenant protections. Even conservatives should be supporting at least modest rent controls to prevent cases like this.
Show threadmindcruzerSep 7, 2023
Yes, price fixing has never caused any problems…
Show threademergencyfoodSep 7, 2023
I think your second point is valid, but the first is upside-down. Landlords compete with tenants for plots and bank loans. If they started leaving the market, more plots will free up and banks will be forced to start giving out loans to tenants. This will allow people who are currently tenants to build their own houses, rather than needing to rent. And your third point only applies if you exclude some properties from rent control, which is what Ontario seems to be doing.
Show threadRocketSep 7, 2023

Landlords compete with tenants for plots and bank loans.

Not really. Landlords need tenants. If tenants would rather own, then there would be nobody for the landlord to rent to. Landlords serve those who prefer to rent. Of note, one reason people prefer to rent is a belief that the housing market is about to crash. This is why rents have skyrocketed recently. Nobody wants to be the bag holder, so they are right now opting to rent over buying in order to wait and see what happens.

banks will be forced to start giving out loans to tenants.

There is nothing that forces them to give loans to tenants. If landlords start leaving the housing market, it is likely that credit offers will grind to a halt. That’s what happened in the US when they had that happen. Furthermore, the money leaving housing is apt to flow into productive business, which means that any credit that the banks are still willing to extend will go in that direction.

Show threadImotaliSep 7, 2023

landlords serve those who would prefer to rent

If you honestly believe this then you are delusional. I’m sorry there’s pretty much no kind way to put it. This statement is that egregiously erroneous that it is so incongruous with reality so as to be delusional.

Show threadRocket
Oh, right. People only buy things they don’t want. How could I have forgotten?!
Sep 7, 2023 at 11:47amWeb
Show threadUndoLipsSep 7, 2023

For what it’s worth, surveys in my country repeatedly show that renters would prefer to own. But the market here is rough and banks are denying people loans even with a lower monthly payments than their existing rent.

I would think it is the same in the US, but most people here rent because they can’t buy.

Show threadRocketSep 7, 2023

surveys in my country repeatedly show that renters would prefer to own.

In an ideal world, absolutely. Given the current state of housing, with a high risk of it soon imploding, not really. They’d rather wait a few months, even a few years, before they buy to see what happens.

The data shows a clear downward trend in price. If you have somewhere to rent, why would you choose to buy right now, knowing – with reasonable confidence – that the house will be cheaper in six months?