Across the country, protestors are asking the federal government to “REIN in the REITs.”
The movement lead by ACORN Canada, a union of low- and moderate-income people, asks that corporate landlords see their taxes raised.
REITs are an investment vehicle that allows investors to own, operate and earn from properties without using a hands-on approach.
Studies that ACORN has referenced indicate that if seven of the largest residential REITs had been taxed similar to non-REIT Canadian corporations since 2010, the result would be an additional $1.2 billion in taxes.
“They want to see affordable housing preservation conditions on all financing agreements with all corporate landlords. This means they would have to allow a certain number of apartments in each building to be affordable housing,” said Doug Forbes from ACORN NB.
The demands that ACORN included are:
-The REIT exemption be removed
-CMHC no longer enable REITs
-The Federal Government creates a National non-profit Acquisitions Strategy
-Ban REITs from owning certain types of multi-family residential buildings
It’s the latest in demands from ACORN, who made a series of housing-related demands in February.
Forbes notes that they have yet to see any changes that met their demands.
