On Monday, 25, 2024, IPOANS made an appearance before Nova Scotia’s Legislature Law Amendments Committee to present our stance on Bill 419, the Financial Measures Act.
Statement by Kevin Russell
Executive Director
Investment Property Owners Association of Nova Scotia
Standing Committee on Law Amendments
Bill 419 – Financial Measures Act
March 2024
Thank you Chair, members of the Law Amendments Committee.
As many of you would know from my previous appearances over the years at Law Amendments Committee, the Investment Property Owners Association of Nova Scotia represents private sector rental housing providers in Nova Scotia.
IPOANS has been the voice of responsible investment property owners in Nova Scotia since 1978.
Our approximately 160 members manage more than 50,000 rental property units across the province.
Our members are urban, suburban and rural.
Our members pay taxes, employ Nova Scotians with good salaries and give back to their communities in many ways.
Our members are also the number one source of providing affordable housing for Nova Scotians.
And many of our members are suffering because of government policies like rent control and lack of action by successive governments – PC, Liberal and NDP.
The parties you represent have created the housing crisis and policies like rent control are making the housing crisis worse and resulting in more homelessness.
When government makes things worse for rental housing providers, they make things worse for tenants.
There is nothing in Bill 419 that addresses this reality.
Rent control continues.
There is no investment in a compliance and enforcement unit for residential tenancies.
There is no support for rental housing providers who are losing money because of government policies.
With 97 per cent of rental housing income coming from rents, the government’s current rent control program has crippled the ability of many rental housing providers to stay in operation, let alone make a profit.
Anybody who claims that government policy is based on some mythical right to profit doesn’t know what they’re talking about. It is also false to claim that the majority of rental housing providers are large corporate entities.
Here are the facts. …[Continue Reading]