Good morning, Mr. Boulerice. Thank you for your question, which is an important one.
Yes, the benefits of establishing market-based affordability criteria are limited, especially in a context such as what we see in Toronto and Vancouver, for example, and across Canada, where median market housing rents are exploding. So you have to bear in mind that there are no guarantees that the so-called affordable rents that are available in the private sector and that are financed will actually remain affordable over time.
However, consistent affordability over time is the principal characteristic of social housing, whether it's provided by co‑operatives, non-profit housing organizations or public organizations. By focusing on these types of housing, we ensure that they remain collective property and that they meet the needs of future generations, in addition to the very immediate needs of the public.
Public lands are one of the major issues when it comes to how the billions of dollars remaining under the strategy should be spent. I didn't mention that in my previous intervention. The budget tabled on April 16 focuses on public lands. However, nothing to date has guaranteed that those public lands are intended for non-profit housing projects, either exclusively or at least on a priority basis.
We can see, in the context of the federal lands initiative and certain projects carried out by the Canada Lands Company, that the affordable housing requirements are low. In some cases, only 20% of units must be considered affordable. There's no guarantee for the non-profit sector even though it plays a key role in meeting needs. The utilization of public lands for which we've already paid collectively must therefore be monitored. That's a key element that we propose, and it probably would cost nothing.
The second element that we propose is that the Canada rental protection fund, which was just announced to protect affordable housing from speculation, be enhanced. The contribution component of that fund is inadequate, and there must be assurances that the fund will be reserved for the various types of social housing. This is an effective way to oppose speculation. It wouldn't help build new housing, but it would help maintain affordability by insulating rental buildings from the speculation dynamic.
Third, and I repeat this because it's of major importance to us, the affordable housing fund must be enhanced and earmarked solely for the non-profit sector. Considering all previously announced measures, according to my calculations, the figures don't even add up to $4 billion reserved for social housing out of the $40 billion remaining to be spent.
Consequently, the public funds set aside for the non-profit sector must be secured, and there must be contribution components that are clearly earmarked for that sector. That would send a message to non-profit sector actors that they can take on projects and that we encourage them to act because we need to meet existing needs.
It is extremely urgent that this message be sent. For the moment, however, funding that is clearly reserved for that in the affordable housing fund is inadequate.
There must—