M-71 Affordable housing strategy
44th Parliament, 1st Session
Motion Text
That:
(a) the House recognize that,
(i) the right to housing is a fundamental human right as recognized under the National Housing Strategy Act and international human rights law,
(ii) homes should be first and foremost for people to live in, and not a commodity for institutional investors to trade,
(iii) the commodification of housing, including the rapid growth of institutional investors such as Real Estate Investment Trusts (REITs) and their holdings, has substantially contributed to unaffordability and has worsened the housing crisis,
(iv) REITs, which comprise some of Canada’s largest corporate landlords, have long received special tax treatment from the federal government,
(v) REITs are exempt from paying corporate income taxes by passing along their income to company investors,
(vi) the government is foregoing considerable revenue by allowing these tax exemptions,
(vii) REITs grew from owning zero rental suites in 1996, to nearly 200,000 in 2021, and financial firms hold between 20 to 30 per cent of the country’s purpose-built rental housing stock; and
(b) in the opinion of the House, the government should,
(i) immediately remove the tax exemptions for REITs and subject them to the standard corporate tax rate at 38 per cent,
(ii) use the revenue generated to invest in quality, affordable, and dignified non-profit and cooperative housing,
(iii) invoke antitrust laws to limit the agglomeration of housing units in a single community or neighbourhood by a single institutional investor.
(a) the House recognize that,
(i) the right to housing is a fundamental human right as recognized under the National Housing Strategy Act and international human rights law,
(ii) homes should be first and foremost for people to live in, and not a commodity for institutional investors to trade,
(iii) the commodification of housing, including the rapid growth of institutional investors such as Real Estate Investment Trusts (REITs) and their holdings, has substantially contributed to unaffordability and has worsened the housing crisis,
(iv) REITs, which comprise some of Canada’s largest corporate landlords, have long received special tax treatment from the federal government,
(v) REITs are exempt from paying corporate income taxes by passing along their income to company investors,
(vi) the government is foregoing considerable revenue by allowing these tax exemptions,
(vii) REITs grew from owning zero rental suites in 1996, to nearly 200,000 in 2021, and financial firms hold between 20 to 30 per cent of the country’s purpose-built rental housing stock; and
(b) in the opinion of the House, the government should,
(i) immediately remove the tax exemptions for REITs and subject them to the standard corporate tax rate at 38 per cent,
(ii) use the revenue generated to invest in quality, affordable, and dignified non-profit and cooperative housing,
(iii) invoke antitrust laws to limit the agglomeration of housing units in a single community or neighbourhood by a single institutional investor.
Latest Activity
- Wednesday, September 28, 2022
- Placed on Notice
History
- Wednesday, September 28, 2022
-
Placed on Notice
Joint Seconders (4)
Jointly seconding a private Member's motion is a formal way for up to 20 Members to show support for the motion before it is called for debate. They are displayed in the order they were received by the Clerk of the House.
Jointly seconded on Tuesday, October 4, 2022
Elizabeth May
Saanich—Gulf Islands
Jointly seconded on Friday, November 25, 2022
Jenica Atwin
Fredericton
Jointly seconded on Monday, February 6, 2023
Alain Rayes
Richmond—Arthabaska
Jointly seconded on Thursday, March 2, 2023
Chad Collins
Hamilton East—Stoney Creek