We Investigated Carney's Condo Bailout (It's BAD)

Elbows up, Canada.Prime Minister Mark Carney and Premier David Eby have a new housing plan.And no, it doesn't involve making homes more affordable for you and I to buy.Instead, it involves using your money to buy condos that developers couldn't sell.Yeah, a bailout.I'm Drea Humphrey with Rebel News and today we look at who stands to benefit and who stands to lose from this plan and why you should join others in going to StopTheCondoBailout .

com to sign and share our petition against it today.

Effectively though what you're doing is buying them.at the price, spreading out the financing, because you can do that, the financing of the underlying condo at our financing rate, but targeting at a level that is affordable.is a way to clear off on the books of this overhang.

Did you know that for more than two decades, Vancouver has repeatedly ranked as Canada's least affordable housing market and among the three least affordable in the world?A cocktail of interest rates being low, mass immigration, rigid zoning restrictions, and governments opening the floodgates to foreign investors and capital all helped Vancity earn its title of impossibly unaffordable.But more recently, there's been a shift.The middle class family or that young couple with pooled incomes who had put their dream of owning a Vancouver home on the shelf long ago was considering dusting that dream off because condo sales weakened, prices began cooling, and competition lessened as would -be buyers were finally starting to get a leverage for the first time in a long time.In other words, the market was beginning to correct itself.And then there was Mark Carney.

Condos that have been built that are unoccupied that are going to sit there potentially for another couple of years.We're going to go use the right financing mechanisms, convert those into affordable housing so people can move in and use that.

That's right.Our Prime Minister alongside B .C.Premier David Eby have agreed to use your tax dollars to get the government into the luxury condo business.Just as the market was beginning to put pressure on developers who have made a bad call like selling a closet size apartment for a million dollars.

And the problem is that those empty homes don't just sit idle.They also disincentivize new construction, unsettle lenders and investors, create a housing market that in effect feels frozen.

To consider lowering their units to a price the people could actually afford.You know, Prime Minister Mark Carney is doing the exact opposite of what he previously said should not be done for banks, who are in some ways getting a bit of a break with this condo bailout as well.

You know, it has consequences.If you run a small business, if you run a family farm, if you make a mistake, you'll go out of business.You run a large bank, you have to be rescued because you'll have such bigger impacts on the rest of the system.That doesn't make sense.And so there's a variety of things that are being put in place, being designed so that banking can be like any other business.If you succeed, you get rewarded, but if you fail, you fail, your institution fails, and the rest of the economy continues to go on.

So you're saying no bailouts?I'm saying no bailouts.That's the objective.Pending too big to fail.

No bailout for the little guys, like this mom who says her disabled son just got declined for community living housing due to budget cuts.Just a reward for the developers and investors for their failure.Instead, a government response beingC.conservative housing critic MLA Linda Heppner says does not make sense.

But clearly they were constructed during a time of really high value in the marketplace.And the market has simply shifted.And they are not going to get the same amount of money as they would have several years ago with costs.But if you look at where we are right now, and the government saying that we're going to bail out the developers, Why do they not simply help those that are looking to purchase and say, we will not charge GST on any home purchase?Now you're talking market stimulation as opposed to market stagnation, which is where we are right now.But let me tell you this.

If you're going to do something innovative, do something that actually helps everyday people in British Columbia get ahead.The policies and the red tape that has been put in place over the last decade has increased, and these are not my guesses, this is the industry saying, has increased the cost of a house by about 35 to 45 percent.Do something innovative there.Get rid of some of those policies.Make it easier for the ordinary British Columbian who has not yet left to get into the market.

And need I remind you that this colossal letdown of an agreement that Carney and Eby have shaken hands on conveniently took place now when Parliament and the B .C.Legislature have recessed for the summer.Of course it did.These days, it seems like Mark Carney is racing to prove to the country that he's no friend to democracy.For example, when

British Columbians were shocked to learn that their property rights may be at risk thanks to the landmark Cowichan v. Canada decision that granted Aboriginal title on some private properties in Richmond, what did Mark Carney do?Forget the courts.Carney just agreed to grant Aboriginal title for Greater Vancouver to the Musqueam Ban that only governs 1 ,500 people.And now we see he just rammed through a series of some of the most controversial bills the country has ever seen.Just before summer, which limited debate, all with the help, of course, of the so -called conservative floor -crosser MPs who helped him steal his majority government.It's no wonder he was recently caught admitting to Croatia's prime minister that MPs are certainly useful for votes.

But there's one MP who I think is worth way more than just votes to Mark Carney, and that's Liberal MP Gregor Robertson.You see, when Robertson was Vancouver's mayor, the housing crisis skyrocketed under his watch, making him quite possibly one of the worst contenders it would seem for Carney to have appointed as his housing minister.unless you were considering potential donations.You see, Robertson appears to have friends in condo sky -high places, including Vancouver's very own condo king, Bob Rennie, who is considered the face of Vancouver's condo boom and, more recently, a pioneer of 15 -minute cities.But what really stands out about this developer is his political pull.Here he is just last year claiming he's working with Mark Carney on a rental plan that will attract, you guessed it,

more foreign buyers.

I'm working with Carney, surprise, and I'm trying to get a rental program in where people can buy, put it into a 25 -year pool, get preferred rate from CMHC and let's allow foreign buyers to buy it.They have to rent it out for 25 years and it'll show the world that we are open for business.

But maybe $25 ,000 fundraising plates have really nothing to do with Carney and Robertson's commitment to bailing out these developers under the claim of making things more affordable.Maybe it really is just about being loyal and trying to help the everyday people.And if so, this is how Robertson says they'll do it.

Well, let me start with the broader toolkit here, because that's one tool that we can use to get more affordable housing available.But Build Canada Homes, as I mentioned, is our main approach with getting affordable housing built.We've got $13 billion invested there, including some in a rental protection fund that will be buying back apartments to protect that long -term affordable rental housing.We've also got the Build Community Strong Fund, which is investing in infrastructure to enable more housing and affordable housing to be built.

Wait, did he just say invested?Let's play that back.

$13 billion invested there, including some in a rental protection fund that will be buying back apartments to protect that long term affordable rental housing.We've also got the Bill Community Strong Fund, which is investing in infrastructure for to enable more housing.

He did twice.That's the government admitting to using your tax dollars as an investment.For whom?But there is something else.do agree with, with what Robertson said.

In a time like this where we have record levels of homelessness, we have people that can't access affordable rental apartments, and we have empty homes in Vancouver, in Toronto, we need to take action on this and make the most responsible decisions with it.

I agree.It is time to take action.It is time for this government to finally start making responsible decisions, which means it is time for you and I to tell them how to make that happen.So please go to StopTheCondoBailout .com and sign and share our petition.Prime Minister Mark Carney must think we are fools and we're not.

We see exactly what's happening and this plan needs to end before it kicks off.Go to StopTheCondoBailout .com and sign and share our petition today.