Mr. Speaker, 3,000 units in the rapid housing initiative just does not cut it. The fall economic statement failed to indicate that action will be taken to ensure an acquisition fund will be in place to support affordable housing providers in their purchases of distressed housing, while large for-profit capital funds have been buying up distressed housing.
This was called for as early as March by the former UN housing rapporteur, Ms. Leilani Farha. She wrote to the government on April 19 about this and it is now December and the government still has not even had the courtesy to respond to her. Her suggestion is further supported by many other housing advocates, including the Canadian Alliance to End Homelessness. The Globe and Mail wrote an article indicating that private buyers are lining up to try to get their hands on rental towers, especially the older buildings, which tend to have lower rents.
If we wait to act, it will be too late. There can be no more excuses. It is time to act.