3 Ontario landlords hoarding hundreds of units allegedly owe more than $150M

In a city where investors own far too large a share of overpriced properties and many residents are stuck renting forever, it is understandable why landlords have become a widely detested group.

Though not all deserve their bad reputation, three investors with hundreds of apartments in the GTA seem to fit the bill of what is wrong with the housing market, having bought up a ton of stock to rent out — stock that they apparently can't afford.

As illuminated by a CBC investigation published Friday, the trio is the subject of 32 lawsuits from unpaid creditors and has racked up $144 million in loan debt. They also owe millions in taxes, utilities, and for renovation work and other services rendered by third parties.

So, they turned to bankruptcy protection to try and mitigate the damage and hold onto their rental business, which they operate through various corporations.

In total, the three have 1,000 tenants across some 400 properties in multiple Ontario cities and towns. They also have hundreds of empty units that they weren't able to afford renovations on, the CBC reports.

Along with their financial woes, the investors have been called out in the past for snatching up multiple properties in small communities, shutting off tenants' water for weeks, attempting to renovict people and more.

Personal accounts from renters also state that at least one of the landlords in question doesn't maintain all of their properties well, either, leaving broken appliances, leaks, and code violations.