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ontario·Ontario - Yours to DiscoverbySprawlie

Welcome to /c/Ontario - Yours to Discover

Welcome to the new /c/Ontario on Lemmy.world!

I hope to grow this community to be the unofficial home of Ontarian's on Lemmy. Please read the rules of the community for participating.

Now for the gritty - Rules

Golden Rule: Be Excellent to each other (Treat other’s the way you wish to be treated in kind). 

If we find people attacking eachother, we will remove posts. Continued behaviour will result in a removal from the community.

Do not change headlines of linked articles to attempt to editoralize the story in any particular way. let users form their own opinions on the news / article link.

Keep posts substantive to the topic. Low quality posts intended to troll or rile up that are clearly not discussing the topic at hand will be removed. Frequent offenders will be removed from the community.

SFW - Please keep posts Safe For Work. This is a community for everyone.

Links and submissions must be about the Canadian province of Ontario, or related to it. Posts not meeting this criteria will be removed.

Spamming the same news articles will be removed and offender removed from the community.

NO MISINFORMATION SPREADING - If you cannot back up your claims with reputible evidence, we will take action.

Editorials maybe removed at Mod discretion if they do not meet the same above requirements. Editorials are not news.

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Only post in Canada’s official languages: English or French. Other language posts will be removed.

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I encourage anyone joining to post about themselves (what they're comfortable) and what they wish to see in our new community.

If we grow we also will look to open moderation team.

View original on lemmy.world
ontario·Ontario - Yours to DiscoverbySprawlie

The 9 people that own all of Toronto’s real estate extremely upset about property tax hike

cross-posted from: https://lemmy.zip/post/8278907

TORONTO – Reacting to news of Toronto Mayor Olivia Chow’s plan to hike property taxes by more than 10%, the 9 or so people that collectively own all Toronto real estate expressed outrage, saying that Chow is making the city unaffordable.

“This city is expensive enough,” said the landlord who owns everything south of Front Street. “For the mayor to then turn around and raise property taxes knowing that I’m obviously going to immediately pass on that cost to my tenants is truly unconscionable.”

“Sure I can only raise the rent so much every year, but if tenants don’t play ball let’s just say I’ve got a cousin moving from overseas who’s going to need their place,” he added.

Members of the small handful of people that own most of Toronto’s houses, townhouses and condos expressed concern that the tax hikes would have a disruptive effect on their cash flow.

“For the odd person here and there who owns a property not owned by me, this is going to cost them another $300-$600 a year, or about $25-$50 a month,” explained a property manager for the consortium who own the west end. “For someone in our situation, this is going to cost us millions of dollars. How am I going to explain to my bosses that we’re going to make slightly less money this year?”

Others were more pointed in their criticism, calling the abrupt property tax hikes “reckless”, and poorly thought out.

“People are struggling to put food on the table, pay their car bills or, in my case, attain the exponential growth that investors have come to expect from REITs no matter what, and this property tax hike isn’t going to help any of us with our equally relatable problems,” said a private investment fund manager who controls Scarborough and most of Leaside.

“It’s almost like they don’t want massive private investment from outside Canada controlling the market of the country’s largest city?” he added.

At press time, Toronto area home improvement stores have already reported a marked uptick in the sale of cheap paint brushes, ladders, plastic tarps, wall mounted shelving, and other mainstays of performatively large renovations that result in the property looking the exact same.

link: https://www.thebeaverton.com/2024/01/the-9-people-that-own-all-of-torontos-real-estate-extremely-upset-about-property-tax-hike/

https://www.thebeaverton.com/2024/01/the-9-people-that-own-all-of-torontos-real-estate-extremely-upset-about-property-tax-hike/Open linkView original on lemmy.world