Surely, this will have zero unintended consequences.
As the NDP continues their attempt to differentiate themselves from their former Liberal partners, Jagmeet Singh is proposing a ban on corporations “buying homes people can afford.”
“New Democrats will introduce a bill that will cool rents by banning corporations from buying homes people can afford.
Corporations have had their governments. It’s the people’s time.”
New Democrats will introduce a bill that will cool rents by banning corporations from buying homes people can afford.
Corporations have had their governments. It's the people's time.
— Jagmeet Singh (@theJagmeetSingh) September 12, 2024
This is a typical example of left-wing populism. While the idea sounds good – especially when framed in an overly simplistic ‘corporations vs people’ manner, there will certainly be unintended consequences, as people have noted online:
“We bought this house through a corporation. It had been sitting vacant for years. We will build 46 rental units here. Jagmeet doesn’t want us to build 46 new homes.”
We bought this house through a corporation. It had been sitting vacant for years.
We will build 46 rental units here.
Jagmeet doesn’t want us to build 46 new homes. https://t.co/Sq94uaS7Xp pic.twitter.com/I4ybFOKiwh
— Matt Spoke (@MattSpoke) September 13, 2024
“This, surely, won’t have any unforeseen negative consequences.
(Except for, you know, basically banning infill development)
If you want to cool rents… build lots of rental housing. It’s the one approach that actually works.”
https://twitter.com/ericdlombardi/status/1834585513908384092
The fact remains that simplistic populist policies targeting corporations aren’t going to address Canada’s housing shortage – no matter how satisfying those policies may sound.
Instead, this country needs to reduce barriers to housing construction and needs to reduce the demand for housing.
Accomplishing the latter means reducing immigration levels, a reality the NDP continues to avoid.
Spencer Fernando
