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.
There is not. An equivalently sized apartment in my neighbourhood is on the market for $1.6M at least. Because the only things being built are “luxury” units made for investment, not housing people.
Also, I wouldn’t qualify for a mortgage equal to my rent despite the fact I’ve been paying rent at that rate for nearly a decade.
And you think your apartment is worth a lot less? I don’t know if I buy that, honestly, unless it’s an absolute tear-down. I’ve played with markets enough to learn that there’s never an easy shortcut.
Alright, I’m done being nice here.
Yes, it is worth less. I know because they just did a valuation of it a week ago. A mortgage on it would be affordable for me. I don’t care what’s “believable” for you. Fuck off.
Alright. You’re either very lucky or wrong, but have a nice life.