'Panic and desperation': Leaseholders in Vancouver building rocked by sudden tripling of monthly fees
“There are a lot of seniors in this building and it was advertised and deemed, as all leaseholds are, as an affordable form of housing and contracts were signed in good faith,” said resident Ken Lychak.
He added that many seniors who live on low or fixed incomes are being rocked by the assessment and the short amount of time in which they had to come up with the money.
About six weeks ago, the private owner of El Cid tower, a 193-unit, 27 storey tower on Comox Street that was built in 1968, issued to leaseholders a notice of a special assessment of $25,000 for each unit, due in monthly payments at the beginning of March.
The residents, who have been paying operating fees of about $800 a month, had to submit 12 post-dated cheques for another $2,200 a month and were told there will be several more large assessments like this in the next three years.
The situation has them joining other low- or fixed-income leaseholders at other buildings who are also facing hikes in fees and pressing to fill what they say is a gap in oversight.
