The British Columbia government announced a $500-million fund Thursday to help the non-profit housing sector purchase rental buildings and save them from “housing speculators and profiteers,” whose property flips often lead to tenant evictions.
Premier David Eby said the rental protection fund will preserve affordable rental buildings for tenants who have faced higher rents or evictions when their buildings are bought, redeveloped and sold.
“For too long, this housing crisis has worked to the benefit of speculators and investors instead of people looking for a place to live,” Eby said at a news conference. “Increasingly, we’re seeing across Canada and in B.C. large international corporations buying up rental buildings, speculating to earn investment income on homes that people count on (for) affordable rents.”…