CUPE researcher Emily Niles and CUPE human rights officer Aditya Rao testified before the House Standing Committee on Finance on November 9. They spoke to the committee about some of the causes of the housing crisis and its effects on CUPE members and the public at large.
CUPE’s research has shown that the Canada Pension Plan and Old Age Security do not provide enough money for retirees to live in comfort and security, according to Niles. Less than 40% of Canadian workers have a workplace pension, and many are counting on the value of their home going up to pay for their retirement. Niles pointed to pension funds investing in rental housing as a factor that is squeezing tenants out.
Rao finished by cautioning the committee against blaming the housing crisis on international students and migrant workers. There is no proof they drive up rents, he said, but there is ample proof that landlords and investment companies looking for profits do.
Watch their full testimony below.
You can read about these recommendations and more in CUPE’s submission to the National Housing Council Review Panel on the financialization of purpose-built rental housing and our submission to the Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities on Financialization of Housing.