The landlord had told them he wanted to raise the rent to $3,500 and when they complained he decided to raise it to $9,500.
“We know that our building is not rent controlled and this was something we were always worried about happening and there is no way we can afford $9,500 per month," Yumna Farooq said.
Typically it’s pretty low risk in comparison to other loans which is why home loans are relatively low but there’s a risk that both the property value declines and the outstanding loan and selling costs is more than property value.