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As the Ontario government begins to undertake the task of addressing housing affordability in the province, it is important to consider both long-term and short-term change. To relieve the current housing crisis, the government needs to take immediate action to curb real estate investment and limit the negative impacts of existing investors. However, to ensure that similar housing affordability crises do not reoccur in the long-term future, the Ontario government also needs to introduce new models of housing that decommodify affordable dwellings, rather than expecting for-profit actors to provide market-led solutions.
This paper, Beyond Simply Building More: Policy Options for Combatting the
Financialization of Housing in Ontario, presents a variety of solutions available to policymakers to combat the financialization of housing. Rather than recommending one particular course of action, this paper demonstrates how a suite of policies can be implemented jointly for the most effective results.
While this paper focuses on the provincial regulation of real estate investment and combatting financialization, addressing the housing crisis and creating sustainable affordable housing in Ontario will require many considerations beyond increasing housing supply. The federal government and municipal governments are key partners in any housing initiatives. Further, zoning policies and the regulation of developers and construction practices all play a large role in the housing system.
Download and read the full report.
Tsahai Carter (she/her/elle) is a recent graduate of the University of Ottawa where she studied Political Science and Languages. She is passionate about public policy and Anti-Racism, Equity, Diversity & Inclusion. Tsahai completed her 2022-23 Urban Alliance on Race Relations Youth Policy Fellowship placement with the Broadbent Institute.
Editor’s Note: The full report covers a range of issues and constructive solutions in how best to tackle them. This ranges from critiques of the financialization of affordable rental housing, the creation of investment instruments such as Real Estate Investment Trusts, the abandonment of governments from the creation of social housing, the need to rein in land price escalation through speculation taxes, as well as examples of public policy from Singapore and Vienna that made a huge difference. Take the time to read the full report.
