Challenge Hazelview's Unjust 4.5% Rent Increase -1161 & 1171 Wellington street West Ottawa
The Issue
As a tenant living in one of Hazelview's residential apartment buildings at 1161 and 1171 Wellington street West, in Ottawa, ON, Canada, I am deeply disturbed by the proposed above guideline rent increase (AGI) of 4.5%. This increase is supposedly to cover capital expenditures. However, upon reviewing the supporting documents provided by Hazelview's lawyer, it is evident that many listed expenses do not qualify as capital expenditures but rather as routine maintenance or cosmetic upgrades to common areas.
Hazelview is a publicly traded and profitable Real Estate Investment Trust (REIT). It seems unjust that they would pass on costs for cosmetic upgrades intended to attract new tenants on to existing tenants who have been asking for necessary building maintenance for years. Elevator upgrades and proper extermination of the pharaoh ant infestation are just two examples of neglected maintenance issues.
This proposed rent increase and enforcement of retroactive payment to May 1, 2023, comes at a time when inflation rates are rising unprecedentedly and the housing crisis looms large over our heads. According to Statistics Canada, the Consumer Price Index rose 2% on a year-over-year basis in February 2021 (source: Statistics Canada), making this additional financial burden even more challenging for tenants.
We believe this rent hike during such challenging times amounts to a human rights violation as it threatens our right to affordable housing. We call upon all concerned residents to join in challenging this unjust rent hike proposal by the Hazelview REIT. Please sign this petition so we can submit it as evidence, and stand with us against corporate greed at the expense of basic human rights.
About Hazelview Investments:
Hazelview Investments has been an active investor, owner, and manager of global real estate investments since 1999 and remains committed to creating value for people and places. The company employs a global investment and asset management team of more than 90 people in its offices in Toronto, New York, Hong Kong, and Hamburg and manages $12.2 billion in real estate assets. To learn more visit hazelview.com.
Carrie Morris
Hazelview Investments Inc.
Managing Partner, Head of Investor Relations
cmorris@hazelview.com
(416) 800-1552
76
The Issue
As a tenant living in one of Hazelview's residential apartment buildings at 1161 and 1171 Wellington street West, in Ottawa, ON, Canada, I am deeply disturbed by the proposed above guideline rent increase (AGI) of 4.5%. This increase is supposedly to cover capital expenditures. However, upon reviewing the supporting documents provided by Hazelview's lawyer, it is evident that many listed expenses do not qualify as capital expenditures but rather as routine maintenance or cosmetic upgrades to common areas.
Hazelview is a publicly traded and profitable Real Estate Investment Trust (REIT). It seems unjust that they would pass on costs for cosmetic upgrades intended to attract new tenants on to existing tenants who have been asking for necessary building maintenance for years. Elevator upgrades and proper extermination of the pharaoh ant infestation are just two examples of neglected maintenance issues.
This proposed rent increase and enforcement of retroactive payment to May 1, 2023, comes at a time when inflation rates are rising unprecedentedly and the housing crisis looms large over our heads. According to Statistics Canada, the Consumer Price Index rose 2% on a year-over-year basis in February 2021 (source: Statistics Canada), making this additional financial burden even more challenging for tenants.
We believe this rent hike during such challenging times amounts to a human rights violation as it threatens our right to affordable housing. We call upon all concerned residents to join in challenging this unjust rent hike proposal by the Hazelview REIT. Please sign this petition so we can submit it as evidence, and stand with us against corporate greed at the expense of basic human rights.
About Hazelview Investments:
Hazelview Investments has been an active investor, owner, and manager of global real estate investments since 1999 and remains committed to creating value for people and places. The company employs a global investment and asset management team of more than 90 people in its offices in Toronto, New York, Hong Kong, and Hamburg and manages $12.2 billion in real estate assets. To learn more visit hazelview.com.
Carrie Morris
Hazelview Investments Inc.
Managing Partner, Head of Investor Relations
cmorris@hazelview.com
(416) 800-1552
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Petition created on March 22, 2024