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.

  • Bleeping Lobster@lemmy.world
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    1 year ago

    Same thing is happening to me right now (UK). LL inherited a portfolio of mortgage-free properties a few years back, immediately jacked the rent up on them all. I tried to haggle what imo was an egregious rent increase (notified middle of the year after asking for a minor repair), we agreed on a price then he served me notice to quit; via the letting agent, not a peep or thanks from the LL after I’ve put ~£90000 into his familys’ accounts over 13 yrs.

    Of course, I can pay someone elses mortgage, but when I apply to a bank for one myself, I can’t afford it.

    • corsicanguppy@lemmy.ca
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      1 year ago

      I can pay someone elses mortgage, but when I apply to a bank for one myself, I can’t afford it.

      But when you can’t afford it any longer, the landlord is free to replace you with someone who temporarily can. That’s the difference!

        • Bleeping Lobster@lemmy.world
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          1 year ago

          This is what I don’t get. Where’s the risk for the lender? If I can’t pay, they get the house and can sell it. I guess there’s a potential cashflow issue but the underlying asset isn’t going anywhere.

          • w2qw@aussie.zone
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            1 year ago

            Typically it’s pretty low risk in comparison to other loans which is why home loans are relatively low but there’s a risk that both the property value declines and the outstanding loan and selling costs is more than property value.

      • TotallyHuman@lemmy.ca
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        1 year ago

        Why? In a non-artistic sense it’s just a pretentious way to say “stuff you own”. (Unless you’re saying owning things at all should be criminalized, in which case… can’t really argue with you there.)