CAPE

Anyway, please read my story, share it widely, and demand accountability. Cheers

But, as property values increase, so do city coffers because the assessment value and associated taxes keep skyrocketing. And all of this is happening despite Montreal being a tenant majority city.

It's a profit cycle and business model we're calling The Montreal Shuffle, and as far as we can tell, it's entirely legal. As politicians cry crocodile tears about the housing crisis, there are very clear solutions offered by @CAPE_419 that could be implemented at any time.

If a landlord is able to then bypass rent controls and rent to a tenant, like a short-term rental host, who won't contest a 400% rent increase, the value skyrockets once more. This is precisely what I found again in my latest story.

A residential building's value is inherently tied to the rent prices inside that building. The higher the rent, the more money the building is worth on the real estate market. A plex with long-term tenants paying affordable rent would sell for many times less than an empty bldg.

Sources claimed he wasn't directly involved in the STRs, although he was aware they were happening. The host was banking tens of thousands of dollars per month, but Benamor was walking away with just his rent? Well, not exactly.

Following my reporting on Emile Benamor, the owner of over 20 buildings across the island, many rented out to a man running a massive Airbnb operation out of them, it wasn't entirely clear how Benamor was profiting in this situation.

Now that I've had my coffee, time for a 🧵on my latest investigation into the relationship between evictions for profit, STRs / ghost hotels, rising rents and rising property values. It's a #longread, so make sure to get cozy first. ricochet.media/en/3975/city-… #polmtl #polqc