Well-established corporate entities have no problem with regulatory red tape that shuts out their competitors. In fact, it was funny. The other day the Enbridge CEO actually said the current government and the anti-pipeline movement make his existing pipelines more valuable. In other words, all the governmental blockades against pipelines are actually enriching those pipeline companies that already have pipe in the ground, because now they face less competition from new pipelines.
The same goes for a warehouse. Mr. Dachis, you pointed out that in Toronto it takes much longer to get a warehouse approved than it would in South Korea, Singapore or elsewhere. Those who already have warehouses can then charge very high leases to their tenants, because there's no risk those tenants would go off and build their own warehouse. Again, this favours the rich and well-established incumbents.
Then we go to housing. Of course, the red tape that prevents housing construction is wonderful news for millionaire mansion owners, because it drives up the value of their real estate while making the young, the poor and the renters much worse off. That's a huge wealth transfer from the working class to the superwealthy.
Mr. Dachis, can you comment on what the $600,000 of extra governmental costs in Vancouver to build a house, or the $250,000 in Toronto to build a house, will do to poor and working-class people who are trying to aspire to the dream of home ownership?