12 York St Toronto

12 York Street (ICE Condos) in Toronto has become infamous for a high concentration of transient, short-term, and low-income residents due to its reputation as a "ghost hotel," high-density investor-owned units, and strategic location. While located in a prime, high-cost area, the building’s functional issues—including extreme congestion, security problems, and safety incidents—have driven out long-term tenants and attracted a high-turnover population. 

Here is why many people with low income or temporary status reside at 12 York Street:

• "Ghost Hotel" and Short-Term Rentals: The towers are notorious for being densely filled with Airbnb-style, short-term rentals. These units often facilitate illegal subletting, allowing people to rent rooms without standard long-term lease requirements, which suits temporary residents, newcomers, or students.
• High Investor Ownership: A large portion of the units are owned by investors, not owner-occupiers, leading to high turnover and a focus on rental income rather than building stability.
• "Sketchy" Reputation and Lower Relative Rent: Despite the prime location, the building is frequently described as having "endless" fire alarms, broken elevators, and security issues. This poor reputation, often labeled "Toronto's sketchiest," can lead to lower, more accessible rents compared to nearby, better-managed buildings, making it an option for those on a budget.
• Rental Scams and Vulnerability: The high number of short-term units has made the building a hotspot for fraudulent rental scams, where scammers (often short-term renters themselves) sublet units illegally, scamming people looking for affordable housing.
• Proximity to Transit and Jobs: Located at 12-14 York Street, the building offers direct PATH access and is next to Union Station, making it attractive for workers in the downtown core, even if they must deal with the building's tumultuous environment. 

Summary of Demographics and Housing Type:

• Units: Over 1,300 units in the complex (12 & 14 York).
• Layouts: Many small studios and 1-bedroom units.
• Residents: A mix of young professionals, international students, and a high-turnover, transient population.