Carney Defends Plan to Buy 2,200 Vacant Condos as Critics Call It Developer Bailout
Updated
Updated · Bloomberg · Jun 25
Carney Defends Plan to Buy 2,200 Vacant Condos as Critics Call It Developer Bailout
3 articles · Updated · Bloomberg · Jun 25
Summary
Mark Carney on Thursday defended a federal-provincial plan to acquire more than 2,200 vacant condo units and convert them into affordable housing after backlash over the proposal.
Critics have attacked the June 18 announcement as a bailout for real estate developers, prompting Carney to explain the rationale for using public financing to purchase empty apartments.
British Columbia Premier David Eby unveiled the plan alongside Carney last week, but the two governments initially provided few details on how the acquisitions and conversions would work.
The dispute highlights the political risk around using government-backed purchases to address housing affordability while unsold condo inventory sits vacant.