Negotiations between landlord, tenants seeking to buy Hamilton apartment at impasse
Global News
Residents at 272 Caroline St. S., who banded together to protect themselves from rent hikes and renovictions, say they're seeking a lower purchase price after an inspection.
Negotiations between tenants who formed a co-op to buy their Hamilton, Ont., apartment and the landlord have hit an impasse amid allegations that some $500,000 worth of badly needed repairs will soon be needed.
Residents at 272 Caroline St. S., who banded together to buy the 21-unit building to protect themselves from rent hikes and renovictions, say a recent inspection cited issues like asbestos in the basement and cracks in the foundation and they’re seeking a reduction in the purchase price.
“We expected there would be some repairs and we were prepared to take that on,” tenant Emily Power said.
“But we were shocked by the results of these inspection reports and the scale of neglect and amount of capital investment that’s needed and overdue.”
Power says inspectors told the prospective buyers that repair costs could climb to some $2 million over the next 10 years due to a culmination of fixes including old electrical, corroded and leaking pipes, old water tanks and faulty windows.
Issues the tenants say weren’t disclosed in the original listing.
Power said “a whole host of things” makes it clear some “major investments” are needed. “The building is not up to code and it’s not safe and functional.”
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