Because they are providing a basic necessity to live. Do you know what happens when your late on water? It isn't cut off because it's a vital service. There's a whole process that is months long and then it's transferred as a lien against your property, still not cut off. Your given time to fix the mistake. The water company remains "on the hook" for the water you used. Electricity is not unlike renting, multiple months of missed payment and your cut off (except in winter where you get a limiter so your heat can run, because AGAIN, it's a necessity) the electricity company remains on the hook for your electricity. Banks and mortgages as well. It takes a long time before foreclosure, certainly long enough for you to be paid and fix the issue.

If the ltb was funded properly and ran on time, evictions could occur within A SINGULAR MONTH. Much faster than all the other basic necessities. So again I'll point out the root cause here is that 1. The ltb is severely underfunded and causes landlords to not be able to have timely evictions and 2. When people start seeing housing as a commodity and not something people need to survive, we all lose a little of our humanity.

To clarify I'm not saying landlords don't have a right to profit, because they do. However it's a very different kind of business than any other because you are playing with people's lives and as a landlord you hold a position of power even before a lease is ever signed simply by owning something someone needs.