Posted on November 9, 2020
Massive overhaul of CAPREIT business practices is needed to save the affordable rental housing market in Canada.
On Monday, November 9th ACORN CAPREIT Tenant Union released a damning report that details how Canada’s largest REIT destroys the affordable housing market, displaces tenants, pays no corporate taxes, all while collecting record profits.
The report includes a series of major reforms to CAPREIT’s destructive business practices that will serve as the basis for a long term Canada-wide campaign against CAPREIT and their preferential treatment by the Federal Government.
To read the report, click here
Contact us to speak with local CAPREIT tenants and ACORN CAPREIT Tenant Union spokespersons.
ACORN’s report details how CAPREIT’s business model is catastrophic for Canada’s affordable rental housing market. As Canada’s largest REIT (Real Estate Investment Trust), CAPREIT’s entire business model is to make what’s left of Canada’s affordable rental housing market unaffordable.
What’s in the report?
- How CAPREIT systematically raises rents across Canada and evicts long term tenants?
- An examination of how much money they are making?
- How the “Tax Fairness Plan” left them off the hook for paying any corporate taxes?
- How much taxpayers’ money is needed to replace the affordable housing they are destroying?
The report also lays out ACORN CAPREIT Tenant Union’s platform. Included in the platform are demands on CAPREIT to commit to affordable housing targets in their buildings, appointing an independent ombudsperson to oversee tenants’ complaints and develop national pest and maintenance protocols, and for CAPREIT to finally recognize and work with ACORN CAPREIT Tenant Unions and affiliated Tenant Associations across Canada.
ACORN CAPREIT Tenant Union was recently organized by CAPREIT tenants, fed up with rent increases and conditions in buildings, and ACORN’s national leadership, who have been looking into the ravaging effects REIT’s are having on Canada’s affordable housing market.
ACORN Canada has a long track record of forcing corporations to change their business practices. They do this first by organizing working class people affected by destructive corporate policy on a national level who are willing to fight for what they deserve, and combining that with aggressive legislative and corporate regulatory reform campaigns.