{"id":4058,"date":"2020-05-07T16:13:51","date_gmt":"2020-05-07T16:13:51","guid":{"rendered":"https:\/\/share.ca\/northview-reit-may-2020\/"},"modified":"2022-02-18T23:37:54","modified_gmt":"2022-02-18T23:37:54","slug":"northview-reit-may-2020","status":"publish","type":"post","link":"https:\/\/share.ca\/blog\/northview-reit-may-2020\/","title":{"rendered":"Investors question housing practices that increase inequality, undermine rights"},"content":{"rendered":"<p>Last week\u2019s May Day wasn\u2019t just notable for widespread \u201csick outs\u201d at Amazon, Target, and InstaCart. It was also the first of the month, when rent is due for the millions of Canadian residential tenants (and thousands more commercial tenants). With millions of Canadians having lost wages due to the pandemic, and no government relief for renters, many tenants groups have been organizing rent strikes and calling for immediate aid.<\/p>\n<p>The housing affordability crisis in Canada didn\u2019t start with the pandemic. The cost of housing \u2013 for both renters and buyers \u2013 has been making headlines for years. The crisis has been most prominent in the <a href=\"https:\/\/www.bnnbloomberg.ca\/hong-kong-housing-ranked-world-s-least-affordable-for-9th-year-1.1201263\">Vancouver<\/a> and <a href=\"https:\/\/www.canurb.org\/housing-affordability\">Toronto<\/a> markets, but has <a href=\"https:\/\/fcm.ca\/en\/focus-areas\/housing\/making-housing-affordable\">hit communities all across the country<\/a>, as rental housing stock has aged, government investment in housing has dwindled and the <a href=\"https:\/\/dav.box.com\/dav\/AOS\/Engagement\/Companies\/Northview%20REIT\/unhousingrapp.org\/user\/pages\/04.resources\/Thematic-Report-3-The-Financialization-of-Housing.pdf\">\u201cfinancialization\u201d<\/a> of housing has led to increasingly predatory practices from residential landlords.<\/p>\n<p>Today, SHARE issued an <a href=\"https:\/\/share.ca\/wp-content\/uploads\/2020\/05\/20-05-13-open-letter-RE-Northview-Starlight-sale-FINAL.pdf\">open letter to the CEOs<\/a> of two of Canada\u2019s largest residential property owners: Starlight Investments and Northview REIT. Starlight, one of Canada\u2019s largest landlords will grow further if a proposed deal goes through to acquire Northview. The deal is valued at $4.8 billion.<\/p>\n<p>In our letter, we outline areas of potential concern for responsible investors regarding real estate investment, and ask the companies to outline their plans in these areas prior to shareholders voting at the meeting scheduled for May 21.<\/p>\n<p>Investing with the objective of displacing low-income tenants would be directly at odds with UN Sustainable Development Goals 1 (No Poverty), 10 (Reduced Inequalities) and 11 (Sustainable Cities and Communities.) <a href=\"https:\/\/www.unpri.org\/sdgs\/the-sdg-investment-case\/303.article\">The Sustainable Development Goals are a broadly agreed framework, and an important guide for responsible investors, particularly for signatories of the Principles for Responsible Investment (PRI).<\/a><\/p>\n<p>Northview is among Canadian landlords that <a href=\"https:\/\/s3.amazonaws.com\/lws_lift\/northview\/documents\/1578431086_nvu_investor_presentation_-_january.pdf\">have previously articulated a business strategy which includes rent increases and tenant turnover<\/a>. When unitholders in Northview are being asked to consider a formal acquisition, it\u2019s reasonable to ask questions about the companies\u2019 respective business models and what the decision will mean for current and future tenants in Northview and Starlight-owned properties.<\/p>\n<p>At SHARE, our work is driven by a mission: to mobilize investor leadership to build an inclusive, sustainable and productive economy. We work with a growing network of Canadian responsible investors, with more than $23 billion in assets under management to advance that mission. As Canadians start to plan ahead for the post-pandemic economy and society, we at SHARE will be working on behalf of our network to centre people \u2013 and human rights like housing \u2013 in the recovery.<\/p>\n<h2 style=\"color: #ffffff; padding-bottom: 10px;\">Sign up for latest news &amp; updates<\/h2>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SHARE issued an open letter to the CEOs of two of Canada\u2019s largest residential property owners: Starlight Investments and Northview REIT. Starlight, one of Canada\u2019s largest landlords will grow further if a proposed deal goes through to acquire Northview. We outline two fundamental areas of concern for responsible investors regarding real estate investment, and ask the company\u2019s to outline their plans.<\/p>\n","protected":false},"author":8,"featured_media":22528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[1],"tags":[397,398,399,166],"class_list":["post-4058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investors question housing practices that increase inequality, undermine rights | SHARE - Shareholder Association of Research and Education<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/share.ca\/blog\/northview-reit-may-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors question housing practices that increase inequality, undermine rights | SHARE - Shareholder Association of Research and Education\" \/>\n<meta property=\"og:description\" content=\"SHARE issued an open letter to the CEOs of two of Canada\u2019s largest residential property owners: Starlight Investments and Northview REIT. 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