The review panel on the financialization of purpose-built rental housing launches written hearing Français
OTTAWA, ON, April 26, 2023 /CNW/ - The National Housing Council (the Council) today announced that the review panel examining the financialization of purpose-built rental housing has launched its written hearing.
Review panels are a new participatory, human rights-based accountability mechanism introduced under the National Housing Strategy Act (NHS Act). Under the NHS Act, the Federal Housing Advocate issued a request to the Council to establish a review panel on the financialization of purpose-built rental housing in September 2022.
The financialization of purpose-built rental housing refers to the acquisition of purpose-built rental housing by financial firms and institutional investors, transforming rental housing into a financial asset and vehicle for investments. The financialization of purpose-built rental housing is linked to a range of negative impacts for renters, such as evictions, rising rents and reduced building services and maintenance.
The review panel will focus its attention on:
- The impact of the financialization of purpose-built rental housing on the housing system and the right to adequate housing, including impacts on individuals and members of communities that experience vulnerability and marginalization in the housing system.
- The federal government's role in this issue, including laws, policies, programs, regulations and other actions or inactions that may be exacerbating the financialization of purpose-built rental housing and the negative impacts associated with it.
- Solutions, within the jurisdiction of Parliament, to address the financialization of purpose-built rental housing and advance the progressive realization of the right to adequate housing in Canada.
"As part of the written hearing, the panel is hoping to hear from people affected by the financialization of purpose-built rental housing, civil society organizations, experts in housing and human rights, and representatives from the purpose-built rental housing sector in Canada," said Panel Chair Sam Watts. "Please help us get the word out. Share your thoughts and let others know that we want to hear from them."
The review panel is composed of three members of the National Housing Council: Sam Watts (Chair), Maya Roy and Ann McAfee.
To make a submission to the written hearing, please visit https://www.nhc-cnl.ca/review-panels/submissions/submission-1 .
Submissions will also be accepted by email or mail. The deadline for submissions is June 23, 2023.
The panel will prepare a report to the Minister of Housing and Diversity and Inclusion based on the evidence received through the hearings. The report will outline the panel's opinion on the issue and recommendations to address the financialization of purpose-built rental housing and advance the progressive realization of the right to adequate housing in Canada.
Any inquiries about the review panel may be directed to the National Housing Council Secretariat.
The National Housing Council is an advisory body that promotes participation and inclusion in the development of housing policy. It was established under the NHS Act and contributes to the success of the National Housing Strategy with the aim of improving housing outcomes for everyone in Canada. The Council brings together committed, diverse and expert group members from across Canada.
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As per the NHS Act, the Canada Mortgage and Housing Corporation (CMHC) provides secretariat support to the National Housing Council. However, the Council is an independent body. As such, the views or opinions expressed by the Council are solely the Council's and do not necessarily represent or reflect the official policy or position of the Government of Canada and/or CMHC. The Council does not act or speak on behalf of the Government of Canada or CMHC.
SOURCE National Housing Council
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