In the House of Commons on Tuesday, however, Hussen refused to respond to Kwan’s demand for a moratorium on corporations buying up affordable rental stock.
The problems created by REITs are aggravated by the way corporations frequently snap up low-cost houses and apartments en masse, Kwan said. They then often renovate the units and re-rent them at higher prices. Such practices, Kwan said, contribute to the average rent for a one-bedroom unit coming in at about $2,600 in Metro Vancouver and Greater Toronto.Article content
“We were trying to figure out what’s wrong with him. Everyone knows we have a housing crisis. But he just couldn’t say those words. It was strange. We all just kind of looked at him and asked, ‘Is the minister so completely out of touch that he doesn’t even realize there’s a severe housing crisis?’ Or is he just stuck in the message box he was given?”
Hussen told Kwan in the House of Commons this week, however, he agreed with her that the “financialization of housing” is a concern.Article contentThis April, after buying his second rental apartment, Hussen appeared on TVO’s The Agenda and was called out by host Steve Paikin for being a landlord as well as the housing minister. He was asked if he felt in a conflict of interest.