CKNI: ACORN Protests Against REITs

Posted May 5, 2021

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.

 

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Article by Robert Lothian for CKNI The Bend

 

 

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