Quote:
Originally Posted by the urban politician
I see no reason to believe that raising rents is suddenly going to make thousands of people homeless. There are always other apartments, homes, etc that are cheaper and ready to rent.
People move around in their lives all the time due to things that aren’t always in their control, and this is no different.
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Let me suggest to you your interpretation doesn't work in some cities.
Let's take Toronto.
If you were earning minimum wage, full-time, as a single person, you would be earning $14 per hour.
This works out to about $28,000 CAD gross per year.
If we assume someone can afford up to 40% of their income on housing, that would mean such an earner should be able to find a place in Toronto for $933 per month.
Good luck w/that.
No matter how far your willing to move out, or how modest your standards are, there are virtually no apartments that price point.
Let's add here, that most guidelines on affordability would use a number below 40%, and if we used 30%, you would need to find an apartment at $700 per month.
There is no such apartment in Toronto or its suburbs.
I personally know someone who was renting a basement suite in a nice area of Toronto, and he got booted so the landlord could do a gut job and get more $$.
He is/was making decently above the minimum and paying more in rent than I noted above, yet he found it an incredible struggle to find anything in his budget.
A professional TV reporter in Toronto, making a good living ended up couch surfing and doing a story on it, because the landlord of the condo she rented jacked the rent by almost 1k on renewal.
https://www.cbc.ca/news/canada/toron...rfer-1.3985771
There are markets where supply and demand are so out of whack that losing an apartment is dangerous.
(vacancy in Toronto is under 1%)