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CKNI: ACORN Protests Against REITs - ACORN Canada

CKNI: ACORN Protests Against REITs

Posted May 5, 2021

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.



Article by Robert Lothian for CKNI The Bend



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