A Human Rights Analysis of the Financialization of Purpose-Built Rental
10 August 2023
The NHSA enshrined the human right to adequate housing in Canadian law for the first time and created the Office of the Federal Housing Advocate and the National Housing Council as accountability mechanisms to advance this right. [...] Federal Responsibility While all systemic housing issues are inherently multi-jurisdictional, the most important dimensions of the financialization of purpose-built rentals are within the jurisdiction of Parliament, including federal taxation, regulation of the finance and banking sectors, the Canada Mortgage and Housing Corporation (CMHC) and the National Housing Strategy (NHS). [...] Negative Impacts on the Right to Adequate Housing The research conducted for the Advocate details the negative human rights impact of the financialization of purpose-built, affordable rental housing on tenants. [...] The Advocate received seven submissions that speak directly to the impact of the financialization of purpose-built, affordable rental housing in specific communities on the components of the right to housing listed above as well as on Indigenous land rights, in violation of the United Nations Declaration on the Rights of Indigenous Peoples.6 These submissions confirm and expand upon the research f. [...] For instance, the largest projects under the NHS are producing buildings whose rents are above the local average, and the Housing Accelerator Fund announced earlier this year risks adding to the financialization of housing, unless conditions to protect the right to housing are added.