Ask yourself: is this system ethical?
Why do we care more about someone’s investment than everyone’s right to have a safe and stable home?
We all know Canada faces a housing crisis. Prices are soaring, rents are through the roof, and there are too few affordable housing initiatives from every level of government. In the midst of all this, government policy still favours greedy speculators who continue to buy up homes and condos to expand their portfolios, instead of providing much-needed housing. Their unethical behaviour has directly contributed to this crisis.
In Ontario, over 20% of homes are owned by investors who have no intention of ever living in their properties. Reports show that, during just three months in early 2017, speculative investors bought up nearly 1 in 5 new homes built in the GTA. Government policy rewards speculative investors, who do nothing but take from the community without providing any benefits in return. All this is happening while we face a rental housing crisis; from 2019 to 2023, average rents in Hamilton have increased by 30%.
We have to dissuade people from engaging in unethical behaviour and ensure greedy speculators pay their fare share. Secretive groups peddling right-wing populist talking points about vacant unit taxes only want one thing: to protect their millionaire investor buddies, even if they’re taking advantage of Hamiltonians. Talk about concerning!
So here are some facts:
Hamiltonians demand fairness.
When the 2018-2022 term of council was investigating the implementation of a vacant unit tax, residents were polled on whether they supported such a move. Of the 3,860 Hamiltonians polled:
91.4% support a vacant home tax
71.5% believe that vacant homes are impacting the housing crisis
80.7% support making all owners declare if they have a vacant unit
Nearly 53% believe the vacant unit tax should be higher than what the city proposed, with the majority stating it should be more than 2% of a home’s assessed value
This makes sense. Over 1/3 of Hamiltonians rent their homes, and renters are the ones feeling the biggest squeeze from greedy landlords and speculative investors who disrespect residents when they treat their homes like expendable chips in their growing portfolios. While resident homeowners have seen housing costs increase by 19% from 2016 to 2021, renters have endured an increase in shelter costs of over 30%.
This is impacting who owns homes as well. Home ownership rates in Hamilton dropped for members of every age group, except for those over the age of 75. Fewer than 1 in 8 Hamiltonians under the age of 24 own their homes.
A house can never be a home if it sits empty, unjustly increasing in value.
Let’s be clear: a vacant unit tax is one of the only ways a municipality has to get speculator-owned units back on the market. When speculative investors snap up homes and condos in our neighborhoods, they prioritize profits over communities. Massive corporations like Loblaws own vacant units in our city right now - including a stretch of homes in Strathcona that they have let sit vacant for 15 years - with no repercussions for their greed.
A vacant unit tax is not perfect. Indeed, Hamilton’s proposed tax would only be 1% of a property’s assessed value. But it would be one way to make greedy speculative investors sit up and take notice that the people will not put up with their callous disregard for our homes and our lives any longer.
Our homes are not just assets to be traded. They are the places where we raise families, share special moments, create lasting memories, and grow old with the ones we love. They have meaning. But speculative investors don’t see that. They strip all meaning and heart from our homes and let them become derelict as they wait for their value to increase.
Ask yourself this: do you think those complaining about a vacant unit tax might have something to lose if we implement such a tax? Do you think that people complaining about accountability might want to ensure no one holds them accountable?
Hamilton’s homes should be used for their intended purpose: as homes.
Landlords who own student housing must be accountable.
Hamilton’s right-wing populists hate the idea of a licensing program for landlords around McMaster and Mohawk. They have spent thousands of dollars on advertisements to oppose a program intended to keep their unethical landlord pals accountable.
Those looking to make a quick buck by renting unsafe accommodation to students must be held accountable. We’ve seen so many horror stories of unacceptable housing being rented to students, who unethical landlords believe won’t fight back because they’re young, focused on school, and in a precarious position. Houses without locks and working windows around York, homes with garbage-filled yards and moldy basements near McMaster, cockroach infested homes near Seneca. A fire in a student house near York, in an unregulated home packed with more students than legally allowed, could have been lethal to the ten residents within. Licensing programs ensure there’s accountability for those who take advantage of vulnerable students.
Near-campus landlords need to be good neighbours. Licensing helps ensure accountability for surrounding homes, as well. Nobody wants to live beside a home with un-mowed lawns, un-shoveled sidewalks, and a host of easily fixable problems. Some unethical landlords buy homes in communities they never visit and let them decay all while making a quick buck. A licensing program ensures neighbours know who is responsible so they can be held accountable when problems arise.