Imagine the benefit of lowering rents and of allowing tenants of highly profitable landlords to keep the $40, $70, $185/month or MORE rent increases: MORE money for the tenants to meet day-to--day living expenses, MORE money to spend to support local businesses - which could lead to FASTER economic recovery!
Businesses across Canada are struggling to survive. In the Beltline community of Calgary, several businesses CLOSED on 17th Avenue S.W. near Boardwalk REIT Skygate Tower where I live prior to COVID-19, including: Boston Pizza; Purolator; Kentucky Fried Chicken; and “Small Flower” flower shop that CLOSED after more than 32 years in business after it “reached the breaking point”.
It is MORE THAN TIME to LOWER rents to tenants of highly profitable landlords and to provide supports to renters – residential and commercial. As per the CHART in the petition above, Boardwalk REIT’s Net Operating Income/Profit in Q4 2019 was 56.1% for all provinces and 56.9% in Alberta. In essence, approximately $560/month of $1,000/month rent is profit on operations to Boardwalk REIT; rents to tenants could apparently be lowered to 2016-2017 recession levels and Boardwalk REIT could STILL apparently be making approximately 50%+ Net Operating Income/Profit. (See NOTE A.) Which companies are making THAT MUCH operating profit right now?
Let’s keep the money in the hands of renters and local communities where it is desperately needed for the day-to-day survival of many at a time that the economy will apparently LONG remain challenging:
- In Alberta: Alberta to face its 'worst contraction' ever, ATB chief economist warns – CBC – April 2, 2020.
- Across Canada: It’s a long road to economic recovery, Canadian bank CEOs warn – Globe and Mail – April 8, 2020.
On Wednesday April 15, 2020 The City of Calgary announced #SupportLocalYYC a campaign to support local businesses in Calgary, Alberta during COVID-19 and after: “Under #SupportLocalYYC, The City of Calgary together with our partners Calgary Economic Development, the Calgary Chamber , Tourism Calgary and Calgary Arts Development, are supporting the business community by creating connections, sharing resources and tools, and highlighting positive stories to inspire the community and spark further innovations that can benefit those in need.”
Small and medium-sized businesses deserve our support – they are the “engines of our economy”: more than 90% of businesses in Calgary’s census metropolitan area (CMA) are considered “small”. (See NOTE B.)
IT’s TIME TO BETTER PROTECT RENTERS AND SUPPORT LOCAL BUSINESSES/COMMUNITIES. See Opinion: We will not go back to the way things were (also in the Globe and Mail on April 17, 2020) by Mary Moran President and CEO Calgary Economic Development, and Dr. Sandip Lalli, President & CEO of the Calgary Chamber of Commerce.
THANK YOU, fellow Canadians, for signing the petition!! It really does help. Let’s PROTECT RENTERS: let’s make it a WIN-WIN-WIN solution for Renters and Community as well as Landlords. Please pass the petition on to others!
Stay safe, stay healthy!
Anne
We the Courageous
NOTE A: See Boardwalk REIT Financials at https://www.bwalk.com/en-ca/investors/.
NOTE B: ResilientYYC Preliminary Resilience Assessment March 2018, page 71.