IN THE NEWS: Hill Times - Scrap tax exemption ‘loophole’ causing ‘erosion’ of rental affordability: housing advocates

The existing corporate tax exemption makes real estate investment trusts (REITs) especially attractive to investors, said Steve Pomeroy, a housing policy consultant and professor of industry at McMaster University. He said the big-picture result has been the “erosion” of affordable rental units over the years as large corporate landlords have used this “much larger pool of capital” to buy older apartment buildings, renovate vacant units, and raise rents.

NDP MP Jenny Kwan (Vancouver East, B.C.) said whether these measures make it into the budget “remains to be seen, but the NDP is absolutely calling for the government to take action.” She described the corporate tax exemption as “a tax loophole” that benefits investors at the expense of renters.

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