Starting June 1, nearly 200 residents at 33 King Street in Toronto have decided to stop paying rent and strike against their corporate landlord.

According to a news release from the York South-Weston Tenant Union, tenants in the building have seen their rents increase by "22 per cent in the last five years, despite living in a rent-controlled building, which should have seen rents increase no more than seven per cent in the same period." 

The union names the landlord as international corporation, Dream, which has over "$16 billion in assets and 30,000 rental units under its control." 

For the past decade, the union claims that the building's owners have used a controversial tool called above guideline rent increases or AGIs to repeatedly increase rents. 

33 King Street RENT STRIKE started today!

Hundreds of tenants are withholding rent from their landlord Dream, who has been increasing rents 3 times higher than rent control.

Even during the pandemic rent freeze in 2021, Dream increased rents by 3% in the building pic.twitter.com/cY6PeG4ufO

— YSW Tenant Union (@YSWtenants) June 1, 2023

"AGIs were intended to cover large, infrequent capital investments. But tenants at 33 King say their landlord is misusing them to skirt rent control laws. 33 King St. is the building with the highest number of AGIs in the entire City of Toronto," the release reads. 

"According to Dream's own financial report, 50 percent of their rental income is profit. Despite these high profits, they continue to apply for AGIs year after year, extracting even more rent from struggling tenants." 

To make matters worse, tenants are being asked to pay more for less. For more than a year they have not had access to their balconies and most recently have been asked to leave their units entirely for renovations, without compensation.
Tenants are saying #EnoughIsEnough pic.twitter.com/RcXB3kKACx

— YSW Tenant Union (@YSWtenants) June 1, 2023

The union says that many tenants have lived in the building for decades, and its large units are comfortable for families with children, unlike many of the newer builds in the area. 

On Thursday morning, tenants sent a notice of the rent strike to Dream with the following three demands: one, withdraw the existing AGIs and follow rent control; two, commit to no more AGIs in the building; and three, pay tenants compensation for loss of services and amenities.

No more Above Guideline Rent Increases! Respect tenants! Respect Rent Control pic.twitter.com/uZy416rBo4

— YSW Tenant Union (@YSWtenants) June 1, 2023

Tenants previously mobilized against an AGI imposed in 2018, and after months of negotiations, finally reached a settlement with Dream that specified a 50 per cent reduction of the AGI. 

However, tenants say Dream still has not issued any savings, even though the settlement was ratified by the Landlord and Tenant Board (LTB).

"We have tried every other route, we have petitioned Dream, marched to our elected officials and Dream's office, and even negotiated a previous settlement, but nothing has changed," said Sharlene Henry, chair of the 33 King St. Tenant Association. 

"We say enough is enough. We're putting our foot down."