Canada

It's obvious markets are not efficient. There is NOT a single market in North America that is NOT regulated. So let's throw out that "free market" bullshit. Free market existed in early days of industrialization. It didn't work. If it did we'd still have slave labor and child labors working 7 days a week up to now. So what is needed is for governmentS - with an emphasis on S - the freakin provincial, municipal, and feds, to make it WORK. Housing is a necessity, not just a capitalist investment tool.

The government needs to step in and turn the CMHC into what it originally did: creating massive supply of cheap viable housing.

I don’t think the evidence is supporting a pure free market on rentals is working. Markets need to serve a human need, and in this case they’re failing.

Subsidies provide zero incentive, they just transfer public funds to REITs and investors.

I would be in favour of adding steep taxes and fixing the amount profit delivered to investors through REITs, which would cap investor demand for them and favour a long tail of owners.

Then they can give credits/exemptions for large buildings and new builds. And maybe introduce a home buyers plan where older buildings that REITs want out of can be purchased by the tenants with the government contributing a direct loan for the upfront costs, and having an accountant in the mix to ensure proper Strata funding after.

I don’t know, it just feels like we haven’t tried much of anything here.