Dinn Presses Government on Rent Controls, Reliance on Private Investors
- NL NDP
- May 20
- 2 min read
For Immediate Release
May 20, 2025
NL NDP Leader Jim Dinn (St. John’s Centre) challenged government today in the House of Assembly on its reliance on private investors to solve the housing crisis. He urged immediate action to protect tenants through rent control, as rents continue to soar.
On May 16, All Newfoundland Labrador reported that a slew of new Ontario holding companies are spending almost $33 million to purchase already existing apartment buildings, including some seniors’ apartments. Dinn says these purchases does not increase housing stock, and puts renters at risk for high rent hikes.
“This government continually speaks about the need for private investors in housing, yet none of these purchases will increase housing capacity, keep rents affordable, and tenants housed, or ensure money stays in the province,” said Dinn. “I ask the Minister to explain how this type of secretive property ownership of existing apartment buildings will help resolve the housing shortage.”
Dinn goes on to discuss how large, financialized landlords like Real Estate Investment Trusts (REITs) are in it for profits, not for renters. Especially those on fixed incomes.
“Large, financialized landlords like REITs and holding companies is to buy up existing apartment buildings cheaply and jacking up rents year over year to maximize profit for their investors. It is not about keeping rents affordable,” said Dinn. “I ask the Minister what steps will he take to ensure that rents in apartments owned by large, financialized landlords remain affordable?
“Many seniors on pensions and people on fixed incomes are afraid they will be unable to pay the increasing rents and will be rendered homeless. All I’ve spoken to are facing monthly rent increases anywhere from $50 - $160 and have had increases in rent every year for the past five years or longer.”
Dinn asked the Minister, “Will he bring in rent and vacancy control on REITs and other large, financialized landlords to ease the anxiety of renters or will he simply stand by and let the predatory gouging to continue?”
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For further information, contact Stephanie Curran, Media and Communications Officer, NDP Caucus at 330-0328 (o), or stephaniecurran@gov.nl.ca
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