The Lotus is a private SRO (single room occupancy) hotel, which has historically housed thousands of the poorest people in Vancouver, usually around shelter rates. But over the years, private operators have raised the rents at many of the properties they own, which often include renovations.
Can someone explain like I'm 5 how is this possible? Isn't the whole purpose of SROs to provide affordable housing? How can a company acquire an SRO, pay people to leave and then start renting the rooms for 2k/month? Doesn't SRO status remain after the person leaves and doesn't SRO status set a rent limit?