On January 30th 2014, the building located at 42 Glen Elm was sold to O’Shanter Development Company Ltd. As the name suggests, this company is interested in maximizing it’s return on investment, to do this they are applying for Above the Guideline Increases (AGI) in rents.
The tenants’ association has been formed to address the reality of our homes quickly becoming unaffordable as rents are raised to “market levels”. Some tenants have lived here since 1970, with low turnover the small building is a community with a friendly atmosphere. Prior to O’Shanter’s purchase the building was owned by Marur Investments and managed by the same property managers since 1958. The with the superintendant served for 28 years until being terminated by O’Shanter.
Following the example of Brentwood towers, we believe a proactive approach of working with O’Shanter and negotiationg AGI should help ensure the residents are treated fairly in the face of progress.
Please add your voice and support.