Federal Housing Advocates Criticize Profit-Driven Housing Market, Call for Regulation


Canada’s federal housing advocate told a House committee: May 9th The profit-driven housing market is “harming people” and should be regulated, he said. He said regulation alone keeps prices down and the market-driven housing industry is not working well.

Marie-José Hall is appointed In February 2022, National Housing Strategy Actsaid her job is “Canadian housing and homeless warden.”

a report As BlackRock first reported, in her firm’s June 2022 publication The Financialization of Multifamily Rental Housing in Canada, buildings owned by landlords who “violate human rights” It has been suggested that it should be expropriated by the federal government.

“Canada will not be able to find its way out of this housing crisis,” Hall told the commission. “We are losing affordable housing faster than we can build it.”

B.C. Conservative MP Tracy Gray asked Hall, “Would you agree with part of the solution that more housing needs to be built to keep prices down?”

Hall replied, “This is not how housing works.”

“We are talking about the housing crisis and the human right to housing and those who need it most,” she said. “Whether it’s a rental home or a single-family home with a mortgage, it’s going to cost more to build a new home than one that’s already been built.”

“Unless subsidized, new construction cannot create the affordability it needs,” Hall said.

“The market needs to be regulated,” he said, adding that “the market is not working well.”

The first federal housing advocate to be appointed and paid $176,000 a year, Mr. Hall has helped corporate landlords, real estate investment trusts, private equity funds, and pension fund managers use real estate for profit. told the committee that

“Everyone in Canada has the right to live in a safe, secure and affordable home that meets their needs,” she said.

“Corporate housing investment is a serious human rights issue that must be addressed as we try to address Canada’s housing crisis,” Hall said. It’s a human rights issue,” he added. Curbing the financialization of housing is an important way the government can address Canada’s housing crisis. ”

Mr Hall described his position as “independent and non-partisan”. This is new territory for all of us. ”

The National Housing Strategy Act of 2019, which established Hall’s position, enshrined the “right to adequate housing” into federal law.

2019 report A paper entitled “Federal Program Spending on Housing Affordability,” authored by the Congressional Budget Office, found that despite enacting the National Housing Strategy Act, it was “an enforceable individual right to generate statutory spending.” It does not create any legal spending, nor does it bind future legislative expenditures.” Fund the spending from the ballot for housing programs. ”