Residents of Loux Landing in Russell are scrambling to find alternative accommodations after notices of rent increases were sent out, warning residents that their rent would be increasing up to 25 per cent in some cases. The increases are a result of the building being sold to a new management company, Hartsford Properties.<\/p>\n
Usually, rent control legislation ensures that rental rates cannot be raised more than 2.5 per cent each year. However, Premier Doug Ford passed legislation that got rid of rent control on units first occupied after 2018, claiming the move would encourage investors to build more properties and increase the housing supply. Many residents said they grew up with rent control and weren\u2019t aware that the building was exempted.<\/p>\n
Now, more than a few residents are moving out, saying they can no longer afford the high rent on the units. Many residents at Loux Landing are retired, living off their savings or the fixed income of a pension, so even an increase of $100 is enough to turn their situation unaffordable.<\/p>\n
Hartsford Properties did not reply in time for publication, but the notice sent out to residents said, \u201cfactors including inflation, increased expenses, and average market rents in your area have contributed to this increase and were carefully considered. We understand that this rent increase may be larger than expected\u2014we are providing notice well in advance to allow ample time to prepare for this change.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Buildings newer than 2018 are exempt from rent control, and some companies are taking advantage. <\/p>\n","protected":false},"author":12,"featured_media":26760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[46],"tags":[],"class_list":["post-26759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-habitation"],"acf":[],"featured_media_global":[],"yoast_head":"\n