The act of evicting tenants from their rental houses and apartments by greedy landlords who announce huge renovation plans that require the emptying of units to be renovated. Once out, the tenants are not allowed to renew their leases until they agree to huge rent increases, sometimes double what they paid before.
This is a portmanteau word, a combination of renovation + eviction, invented by Heather Pawsey of Vancouver, Canada.
We got a renoviction notice today from the new building owner... they're going to divide the living room to make a new bedroom and replace the kitchen cabinets. We'll have to move out, but we're welcome to come back at double the rent.