The Rental Protection Fund will prevent older buildings from being scooped up by large corporations, such as real estate investment trusts, which often evict tenants to either renovate or redevelop the building and charge higher rents.
Non-profit housing providers, who have been asking for more funding to address the housing affordability crisis, can now tap into a $500-million fund that will help them purchase rental buildings slated for redevelopment and protect renters from eviction.
During a news conference outside a co-operative housing development managed by 115 Place Housing in Burnaby, Eby slammed the “predatory model” used by large international corporations that buy rental buildings as an investment vehicle, which “leads to evictions and rent hikes and can lead to homelessness.”
Jill Atkey, CEO of the B.C. Non-Profit Housing Association, praised the new fund, saying in a statement “non-profits will be able to purchase existing rental homes and lock in their affordability forever, providing much-needed relief for existing residents and the generations that follow.” Eby has not yet announced progress on another plank of his housing platform, which is to pass a law ensuring right of first refusal for non-profit housing societies looking to buy low-rise buildings up for sale, thereby preventing a bidding war with a private investor. Such a policy has been adopted by the City of Montreal.
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