The Biden administration announced new steps Friday to ensure access to affordable housing, launching a slew of resources to convert high-vacancy commercial buildings to residential use.
One to four units can only be privately owned, 5 to 8 units can only be owned by a registered company, more than that must be run as a non profit (ideally a state corporation).
People are only allowed to own one property in a 50km radius (meaning that if you own a 4 unit you pretty much have to live in it unless you live in the next city over).
I’m not sure how you would do the non-profit since a lot of corporations already own high rises with “luxury” apartments. Are you saying they would be grandfathered in?
I don’t think I agree. All those real estate greeds are going to switch to non-profits then. There are ways to abuse that system and they surely would.
Well they can, it just means that the building management needs to show that all the money they get gets reinvested in the building or put aside for repairs. Non profits are much easier to investigate than private companies because they need to be able to justify everything they spend so they don’t overcharge. If it’s a state corporation? Even better, profits get sent to the government coffers to spend on services and you’re sure that the charges are lowered the next year. That’s how our health protection works for anything related to roads where I live and there’s a pretty good reason why it’s the province where it’s the cheapest to insure a vehicle!
they need to be able to justify everything they spend so they don’t overcharge.
I don’t think you’ve worked with non-profits before. Justify to the government or to the board? I’ve only worked with a couple and the salary of the people running it can be very high, look at Goodwill. Non-profits are just quiet enough and loose enough for them to take advantage. That’s a nope on my side.
I’m not the one who’s against alternatives for reasons that apply even more to the status quo, at least I’m proposing a solution and even mentioned that it’s even better to have it under a state corporation 🤷
I’ve got similar ideas!
One to four units can only be privately owned, 5 to 8 units can only be owned by a registered company, more than that must be run as a non profit (ideally a state corporation).
People are only allowed to own one property in a 50km radius (meaning that if you own a 4 unit you pretty much have to live in it unless you live in the next city over).
I’m not sure how you would do the non-profit since a lot of corporations already own high rises with “luxury” apartments. Are you saying they would be grandfathered in?
If it’s rental then it’s non profit, they can convert them to condos if they don’t agree.
I don’t think I agree. All those real estate greeds are going to switch to non-profits then. There are ways to abuse that system and they surely would.
Well they can, it just means that the building management needs to show that all the money they get gets reinvested in the building or put aside for repairs. Non profits are much easier to investigate than private companies because they need to be able to justify everything they spend so they don’t overcharge. If it’s a state corporation? Even better, profits get sent to the government coffers to spend on services and you’re sure that the charges are lowered the next year. That’s how our health protection works for anything related to roads where I live and there’s a pretty good reason why it’s the province where it’s the cheapest to insure a vehicle!
I don’t think you’ve worked with non-profits before. Justify to the government or to the board? I’ve only worked with a couple and the salary of the people running it can be very high, look at Goodwill. Non-profits are just quiet enough and loose enough for them to take advantage. That’s a nope on my side.
Implying that the salary of the people currently owning rental units isn’t very high…
You’ve just showed your hand, have a great weekend.
I’m not the one who’s against alternatives for reasons that apply even more to the status quo, at least I’m proposing a solution and even mentioned that it’s even better to have it under a state corporation 🤷