If large financial firms and institutions are prevented from investing in multifamily rental housing, who else will pick up the tab?
A new report by the Office of the Federal Housing Advocate that explores this “financialization” of housing and its impact on lower-income racialized communities in Toronto is critical of the “entry of financial firms and institutional investors seeking to convert multifamily real estate into a financial vehicle to generate wealth.”Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
But providing multifamily housing is a capital-intensive enterprise. Constructing a new, purpose-built rental housing structure costs millions of dollars. Its maintenance and ownership over extended periods require significant investments. Recent Statistics Canada data presents a relatively optimistic picture for affordable housing. The number of households in 2021 experiencing core housing needs — that is, those facing affordability challenges, crowding or living in structurally compromised dwellings — has declined since 2016, according to 2021 census data. Also, a noticeably smaller share of the population experienced affordability challenges in 2021 than in 2016.
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