I wish I were a tax policy expert, but I am not. I do think, though, that you can apply taxation to purchases of property. In that case, you can then apply some kind of tax. Ultimately, you don't want to damage the overall corporate structure. You don't want to necessarily damage their REIT structure. You just want to even out the economics between purchasing and construction.
You could apply a tax over a certain number of units, so you wouldn't necessarily also damage the smaller investors, but I think there could be a targeted federal tax on large-scale purchases, because some REITs are buying and selling thousands of units, like 25,000 units in a single transaction. That's incredible. If you can slow that kind of change on the large scale, and on the larger end of the small owners—50 to 100 units—you could have a significant impact on financialization.
I think probably the most efficient way to slow financialization is through provincial regulation on vacancy decontrol.