Thank you, Mr. Chair.
I'll be honest. It's no surprise to me that, at committee today, we have some large corporate landlords who are receiving preferential tax treatment and telling us they want to keep that.
I'd like to ask a question of Mr. Sullivan.
Mr. Sullivan, as you might know, I've been joining others in calling for real estate investment trusts simply to be taxed as other for-profit corporate landlords already are, and to use those funds to build more of the affordable supply of housing we need. This isn't about villainizing any one group. It's about ensuring tax fairness across the board and using every tool available to build the affordable housing we need.
In recent years, we know corporate financial landlords have increased their stock. It's up to 20% of Canada's rental stock. At the same time, over the last 10 years, we've lost 830,000 affordable rental units.
My question to you, Mr. Sullivan, is this: Do you feel there is any justification for maintaining corporate tax exemption for REITs?