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this post was submitted on 05 Sep 2023
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The easiest way to solve the housing crisis is to build more housing, so it stands to reason that he would align himself with people wanting to build more.
Canada does have the lowest number of housing units per capita in the G7. It's not like it isn't something we don't need.
Makes sense at first, but REITs mostly don't build, they mostly buy existing properties and collect rent.
It makes sense to align with developers; it doesn't make any sense to align with rental property managers.
real estate business operations are part of the reason we're in this mess. At present real estate is a lucrative investment as you can buy properties hold on to them effectively shrinking the market and driving demand up... and driving the price of your investments up. Then, after you've bought a place for $300k and it's market price got to $500k you take out a loan against the remainder and go live in warm places until market conttacts some more and you can repeat the process... TLDR; it pays to buy real estate and just sit on it, which is what real estate companies do (or help others to do)... it does not positively contribute to supply of new housing, quite the opposite. So please tell me that business that literally created this mess for us (and profit for themselves) sponsoring politician is lobbying for more housing? Would they be willing to shoot off their both feet?
Landlords aren't developers lol