Striking tenants mark one year of withholding rent from landlords
CBC
Striking tenants in Thorncliffe Park marked almost one year of withholding rent Sunday in protest of above guideline rent increases (AGI) applications for their buildings.
Tenants in 71, 75 and 79 Thorncliffe Park Drive gathered in front of their buildings to send a message to their landlords Starlight Investments and PSP Investments that they aren't going to stop until those applications are withdrawn — despite the eviction notices they've been served.
Sameer Beyan has been living in one of the buildings for the past eight years. He said the increase, if allowed, would mean an extra $100 dollars out of his wallet each month — a significant blow to his family's savings.
"It would be quite devastating," he said, adding he lives with and takes care of both of his elderly parents.
He said costs for renovations shouldn't be passed down to tenants.
"For us, we're barely even able to afford rent. What we need is more affordable rent and for the landlord to withdraw the above guideline rent increases."
In Ontario, landlords can increase rent by 2.5 per cent each year without applying to the Landlord and Tenant Board (LTB). Striking tenants like Beyan say any increase above the cap, amidst an unaffordability crisis, disproportionately impact renters already feeling the squeeze of the housing market.
But the landlord says they're following all provincial laws in pursuing the AGIs, which help cover costs related to combating the buildings' aging infrastructure.
The buildings are owned by Starlight Investments and the Public Sector Pension Investment Board (PSP Investments), which is a Crown corporation and one of Canada's largest pension investment managers.
PSP Investments directed CBC Toronto to Starlight for comment, saying Starlight handles the day-to-day operations.
According to an email to CBC Toronto from Starlight Investments, the company is waiting to hear back from the Landlord and Tenant Board if their projected increases, which vary from 5.33 to 6.37 per cent depending on the building, will be approved.
They say the increases apply to completed capital projects in the buildings, such as structural changes to the building's exterior, balcony restoration and retrofitting lighting.
"Starlight Investments is committed to ensuring the longevity of our existing residences and building new homes across Canada," reads a statement from Penny Colomvakos, the vice president of residential operations.
She said the company invested more than $28.5 million in improvements to the buildings since acquiring the properties in 2019.
