The feds must protect renters from financial landlords now

In reaction to a recent study by the University of Waterloo Planning Department on financial landlords, NDP critic for Housing Jenny Kwan issued the following statement:

“Building on a recent media article about a new study by Martine August and Cloe St-Hilaire from the University of Waterloo’s Planning Department, the research reveals that financial landlords — including real estate investment trusts (REITs), publicly traded property firms, and asset managers — file eviction applications at significantly higher rates than any other type of landlord. These corporate entities are evicting nearly 1 in 9 tenants each year, highlighting how legislative loopholes have contributed to a growing housing crisis.

Housing is a human right, not a luxury for investors to make quick profits. We cannot allow large financial firms, similar to the ones that Prime Minister Carney used to work for, to continue treating people’s homes as commodities to be bought and sold for maximum profit. The alarming rise in evictions is a direct consequence of the financialization of our housing market — and it’s time for that to end.

The Housing Minister, Gregor Robertson, must bring in legislation immediately that ensures:

• No more corporate takeovers: We must place a moratorium on the purchase of residential properties by big financial landlords. We can’t allow real estate companies to keep pushing working families and low-income Canadians out of their homes.
• Empower communities: We need to create a national acquisition fund to help non-profit organizations, housing co-ops, and community land trusts purchase rental buildings — so we can keep homes affordable for generations to come.
• Control rents: Bring back national vacancy control. No more speculators jacking up rent prices between tenants. Rent prices need to stay fair, stable, and predictable.

We need federal policies enacted immediately that protect renters across the country while new affordable housing is waiting to be built under Canada Homes.”