LOCAL APARTMENT OWNERS NEED REALITY CHECK

LOCAL APARTMENT OWNERS NEED REALITY CHECK

Who expected the global credit situation and it implications? I guess the psychics and some futurists and the odd economist saw the writing on the wall. The normal person did not see the possibility of such a thing happening. Well, it has happened but it seems not to be impacting the psyche of the apartment landlords and owners. People are leaving buildings in droves, with notice and without notice. Younger people are moving home or in with friends. The layoffs are affecting all age groups. It is disconcerting to me that landlords would rather put people in the street who have lost their jobs than try and negotiate a rent that would help both sides.

Personally, if I owned a building and faced having say 10% move out and no one move in, I would rather try and keep my good tenants and reduce the rent than put them out and have an empty suite. It is not good to have empty suites, water, heat etc. will be affected and affect other suites. I understand the landlords thinking. It is a business but there comes a time when business has to get with the reality of this global situation that is unprecedented. We also have a problem in this society in that many more people than ever before in history are single and not only have they had to pay in many cases as much as 75% of their income in rent but now if they are laid off are facing a life of extreme poverty. Living in Toronto is too expensive for singles on a regular salary. Businesses do not pay single ordinary workers enough income for them to be living on their own but many are alone without family or support of any kind. Now, a large number of these people, young and old face a difficult reality. The more mature cannot move home. The lack of social housing is a well-known factor in Toronto and emergency housing is and has been overloaded for years. So, what is to happen to those caught in this time in history. Are we to erect a tent city in this harsh climate? Do those who had nice jobs and are sophisticated and educated but still cannot find work, supposed to rent a room in some of the dangerous and bug ridden rooming houses? What are they to do? We have a huge problem in this city, which is seldom, or never addressed by those in power, after all they go home to a nice roof over their head. What is going to happen to those who had no control over what happened?