In this post, I’m putting a different spin on the High Cost of Real Estate. But could that be the reason more apartment dwellers (tenants) are being evicted? Part one article to the high cost of living was about a person coming into a windfall, and then, you can buy your dream home.
But it would be fun to say, I just won the lottery, so, “How much do you want for your house and, “when can you move out.” But unknowingly, you just drove up the price of the real estate in that area. Just by purchasing your dream home for any amount!
Now, why should that bother you?
By paying too much for that property, you could indirectly be part of the problem of the high cost of real estate in Canada.
Overinflated housing prices affect more than the average person realizes. The average young family cannot afford to buy their dream home, now or in the future, unless they do win a giant windfall—lottery or, in some cases, an inheritance from a wealthy family member.
On the other end of the scale, nobody seems to talk about the typical cost of apartments or the house rental market except — complain about the prices.
So the flip side of that coin is the high cost of housing and apartment rentals that directly comes from the high price of the real estate market.
There is a story of these apartment dwellers given notice;
Rumors have it that all 200 families are being kicked out of their high-rise apartments by the complex’s new owners.
The rent was not keeping up with the value of the out-of-control real-estate market and the owners want— more rent money per unit.
Seemingly, this is the only legal way to achieve that goal: evict all the tenants from their residents, do some bogus repairs, and re-rent it at the enormous up-to-date new cost of an apartment.
That seems somewhat shady at best but apparently — legal.
However, you can’t blame the new owners except, nothing has changed. Other than the mindset that this building is worth more money, just like the (house) housing market that goes up 20 % -30% per year for no extra maintenance. No extras done to the property from last year, and — for “No Reason.”
And all the senior citizens that are being displaced/evicted. The government-run low rental housing department will have an influx of phone calls. The older people of our community will be lined up demanding a reasonable-priced place to live. Or some to all could be living on the street. The average age in the one said complex is 70 years old or better.
High Cost Of Real Estate is in-directly, Evicting Tenants?
The average income of a senior is Fourteen Hundred Dollars per month. ($1400.00) In Canada, that just about covered (then) the rent of a typical apartment.
Just because someone in high places cannot or will not, get a handle on the high costs of housing.
Two hundred families will be at your door in the next year from only one apartment complex. The high cost and out-of-control real-estate prices are the direct culprits.
One future prediction that I foresee, if this practice continues with one apartment owner, you might find more apartment landlords doing precisely that. Kick everybody out and re-renting for the excessive “going rate.”
BUT as I’m doing more research on the high cost of real estate for this article, apparently this is an ongoing practice, evicting tenants and upping the rent, so, it’s nothing new!
It’s nice to be on the side of the fence of making enormous amounts of money when selling your property. But the bigger picture is that it’s affecting more lives than just a few cashing in on the out-of-touch real-estate market. One day housing will not be affordable by any except for the rich and famous, and maybe, “that is the bigger picture by the higher powers at be?”
Our leaders have left this problem far too long.
But that’s only my opinion. Eh!