That's not a reasonable assumption at all. Everything costs more today than it did 2 years ago, so it's very likely their expenses are higher than it was before.
It's also possible that their profits are way up, but the data you showed doesn't prove that at all.
The article doesn't really go into details of what the developer has planned.
I have to assume they are looking to demolish the block and build something higher than 3 floors with a bunch more units?
It's unfortunate if the developer isn't offering any options for tenants to move back into the new building.
This doesn't feel like a renoviction though.