An unassuming but well-loved steakhouse that has graced the corner of Queen and Coxwell for more than three decades has suddenly closed its doors after facing what too many indie businesses in Toronto have as of late — a rent hike.

The long-running Tulip Steakhouse broke the news to customers in a statement on Facebook yesterday, noting in the post's comments that the landlord of the space had proposed to increase rent to $10,000 per month, which was simply untenable along with property tax, maintenance and insurance costs.

"Unfortunately, business conditions have changed regarding our lease agreement in ways we can no longer accommodate," the restaurant's post reads. "We have been left with no choice."

Because commercial properties aren't subject to rent control in Toronto like residential spaces are, landlords aren't prohibited from jacking up prices when the time comes to renew an existing lease.

Given that the cost of living in the city seems to be rising at an unfathomable rate and property owners now enjoy the option to rent to newer, more lucrative endeavours, the practice is putting a number of older independent establishments out of business.

Owners of the Tulip have apparently been trying to reach a reasonable compromise with their landlord since September, to no avail. They are actively seeking a new location for them and their 19 staff to re-open in.

The eatery, which has existed as a steakhouse in some iteration (under different ownership) since 1929, was known for its cheap prices and simple, no frills dishes that were reminiscent of home cooking.

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A post shared by Marvellous Homes Team (@marvelloushomesteam) on Oct 19, 2019 at 3:04pm PDT

Patrons will have to wait and see what ends up replacing the Leslieville staple. 

As one user noted on the Tulip's goodbye statement, "Every place with history or character is closed or closing. The boring-down of Toronto is almost complete."