DOCSLIB.ORG

Boardwalk Real Estate Investment Trust Annual Information Form

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Boardwalk Real Estate Investment Trust Annual Information Form BOARDWALK REAL ESTATE INVESTMENT TRUST ANNUAL INFORMATION FORM February 25, 2021 - 2 - BOARDWALK REAL ESTATE INVESTMENT TRUST ANNUAL INFORMATION FORM TABLE OF CONTENTS NOTE REGARDING FORWARD-LOOKING STATEMENTS .......................................................... 6 PRESENTATION OF FINANCIAL INFORMATION AND NON-GAAP MEASURES ................... 7 PRESENTATION OF FINANCIAL INFORMATION .......................................................................................... 7 NON-GAAP FINANCIAL MEASURES ......................................................................................................... 8 NET OPERATING INCOME ......................................................................................................................... 8 FUNDS FROM OPERATIONS ....................................................................................................................... 8 ADJUSTED FUNDS FROM OPERATIONS ..................................................................................................... 9 ADJUSTED CASH FLOWS FROM OPERATIONS ........................................................................................... 9 DISTRIBUTIONS AS A PERCENTAGE OF FFO, AFFO AND ACFO ............................................................ 10 OPERATING MARGINS ............................................................................................................................. 10 STABILIZED REVENUE GROWTH, STABILIZED OPERATING EXPENSE GROWTH AND STABILIZED NOI GROWTH ......................................................................................................................................... 10 ENTERPRISE VALUE ................................................................................................................................ 10 OVERVIEW .............................................................................................................................................. 10 CORPORATE STRUCTURE AND BACKGROUND.......................................................................... 11 ARRANGEMENTS WITH BPCL ................................................................................................................. 12 PRE-ARRANGEMENT REORGANIZATION ................................................................................................. 13 ANCILLARY MATERIAL AGREEMENTS IN CONNECTION WITH THE ACQUISITION AND THE ARRANGEMENT WHICH REMAIN IN EFFECT ........................................................................................... 14 SUBSIDIARIES .......................................................................................................................................... 15 OBJECTIVES OF BOARDWALK REIT .............................................................................................. 18 MANAGEMENT OF BOARDWALK REIT ......................................................................................... 18 BOARD OF TRUSTEES .............................................................................................................................. 18 COMMITTEES .......................................................................................................................................... 23 AUDIT AND RISK MANAGEMENT COMMITTEE ....................................................................................... 23 COMPENSATION, GOVERNANCE AND NOMINATIONS COMMITTEE ........................................................ 25 CORPORATE DEVELOPMENT COMMITTEE (AD HOC) ............................................................................... 26 OFFICERS ................................................................................................................................................ 26 BOARDWALK REIT ADMINISTRATIVE SERVICES AGREEMENT ............................................................. 27 BUSINESS AND PROPERTIES OF BOARDWALK REIT ................................................................ 28 STRATEGY FOR GROWTH ................................................................................................................. 36 MAXIMIZING TENANT/CUSTOMER SATISFACTION ................................................................................. 37 ACQUIRING SELECT MULTI-FAMILY RESIDENTIAL PROPERTIES ........................................................... 37 SALE OF PROPERTIES .............................................................................................................................. 39 INVESTMENT PHILOSOPHY...................................................................................................................... 39 COST OF CAPITAL ................................................................................................................................... 40 LIQUIDITY ............................................................................................................................................... 40 BRAND DIVERSIFICATION ....................................................................................................................... 41 ENHANCING PROPERTY VALUES ............................................................................................................ 43 NET OPERATING INCOME OPTIMIZATION ............................................................................................... 43 - 3 - PORTFOLIO OCCUPANCY RATES ............................................................................................................. 44 NEW APARTMENT DEVELOPMENT ......................................................................................................... 47 INVESTING IN BOARDWALK'S PROPERTIES - VALUE ADDED CAPITAL IMPROVEMENTS AND PROPERTY RE-POSITIONING PROGRAMS ................................................................................................ 48 MANAGING CAPITAL .............................................................................................................................. 49 BOARDWALK REIT'S DEBT MATURITY CHART ..................................................................................... 51 INVESTMENT GUIDELINES AND OPERATING POLICIES OF BOARDWALK REIT........... 52 INVESTMENT GUIDELINES ...................................................................................................................... 52 OPERATING POLICIES .............................................................................................................................. 55 DECLARATION OF TRUST AND DESCRIPTION OF REIT UNITS ............................................. 57 REIT UNITS ............................................................................................................................................ 57 SPECIAL VOTING UNITS .......................................................................................................................... 58 ISSUANCE OF REIT UNITS ...................................................................................................................... 58 PURCHASE OF REIT UNITS ..................................................................................................................... 59 REIT UNIT REDEMPTION RIGHT............................................................................................................. 59 MEETINGS OF UNITHOLDERS .................................................................................................................. 61 LIMITATION ON NON-RESIDENT OWNERSHIP ......................................................................................... 62 AMENDMENTS TO THE DECLARATION OF TRUST AND OTHER DOCUMENTS ......................................... 63 STOCK EXCHANGE LISTINGS, PRICE RANGE AND TRADING VOLUME OF REIT UNITS ......................... 64 CHALLENGES AND RISKS .................................................................................................................. 65 COVID-19 PANDEMIC ............................................................................................................................ 65 DISEASE OUTBREAKS MAY NEGATIVELY IMPACT THE PERFORMANCE OF THE TRUST AND ITS SUBSIDIARIES .......................................................................................................................................... 67 RISKS DUE TO INVESTMENT IN REAL ESTATE ........................................................................................ 67 MULTI-FAMILY RESIDENTIAL SECTOR RISK .......................................................................................... 69 ENVIRONMENTAL RISKS ......................................................................................................................... 71 CLIMATE-RELATED RISK ........................................................................................................................ 71 GROUND LEASE RISK ............................................................................................................................. 72 COMPETITION RISK ................................................................................................................................. 72 GENERAL UNINSURED LOSSES ............................................................................................................... 72 CREDIT RISK ........................................................................................................................................... 72 MARKET RISK ........................................................................................................................................
Load more

Recommended publications
  • INCREASING the AFFORDABILITY of RENTAL HOUSING in CANADA: an Assessment of Alternative Supply-Side Measures* by Marion Steele and Peter Tomlinson
    Volume 3•Issue 2• September 2010 INCREASING THE AFFORDABILITY OF RENTAL HOUSING IN CANADA: An Assessment of Alternative Supply-side Measures* by Marion Steele and Peter Tomlinson ABSTRACT Homelessness is a serious social problem that is unlikely to be solved by grand proclamations or a single policy initiative. It is, more likely, to be solved by the introduction of innumerable changes both in how we understand the problem and how we approach its solution. In this paper we examine the costs and benefits of tax measures that would promote greater involvement of the private sector in the provision of affordable housing. We also examine the costs and benefits of a variety of regulatory initiatives. In an earlier era, centrally directed federal-provincial grant programs for housing run by governments and non-profit organizations were the means of providing affordable housing. Most of the proposals in this paper, in contrast, aim to harness the energy and the efficiency-promoting competition of the private sector. The focus is on decentralized decision-making. Some measures would depend heavily on individual entrepreneurs and non-profit organizations. Others would depend on municipal governments, whose program capacities have grown greatly in recent decades and whose closeness to their constituencies makes them well-placed both to develop and to deliver supportive measures. Our assessment of possibilities suggests that a low-income housing tax credit best balances effectiveness with the need to minimize costs on strained government budgets. Tax measures aimed at investors in multi-unit rental buildings are also likely to meet these criteria. * This is a revised version of a discussion paper commissioned for the Experts’ Roundtable, 26 October 2009, on tax and regulatory policies to increase the supply of affordable rental housing, co-sponsored by the University of Calgary’s School of Public Policy and the Calgary Homeless Foundation.
    [Show full text]
  • Tenancy Rent Control and Credible Commitment in Maintenance
    TENANCY RENT CONTROL AND CREDIBLE COMMITMENT IN MAINTENANCE Richard Arnotty Elizaveta Shevyakhovaz April 2007 Abstract Under tenancy rent control, rents are regulated within a tenancy but not between tenancies. This paper investigates the e¤ects of tenancy rent control on housing quality, maintenance, and rehabilitation. Since the discounted revenue received over a …xed-duration tenancy depends only on the starting rent, intuitively the landlord has an incentive to spruce up the unit between tenancies in order to “show” it well, but little incentive to maintain the unit well during the tenancy. The paper formalizes this intuition, and presents numerical examples illustrating the e¢ ciency loss from this e¤ect. Keywords: tenancy rent control, rent control, maintenance, housing quality, rehabilitation, credible commitment JEL Classi…cation: R21, R38 The authors would like to thank seminar participants at the MIT Real Estate Seminar and session participants at the 2005 North American Regional Science Association Meetings, especially the discussant, John Quigley, for useful comments on an earlier draft of the paper. yCorresponding Author ([email protected]). Department of Economics, Boston College, Chestnut Hill, MA 02467 zDepartment of Economics, Boston College, Chestnut Hill, MA 02467 1 Tenancy Rent Control and Credible Commitment in Maintenance 1 Introduction Tenancy rent control is a form of rent control in which rents are regulated within a tenancy but may be raised without restriction between tenancies; more speci…cally, the starting rent for a tenancy is unregulated but the path of nominal rents within a tenancy, conditional on the starting rent, is regulated, typically causing rents to rise less rapidly over the tenancy than they would in the absence of controls1.
    [Show full text]
  • Killam Apartment REIT 2017 Annual Report
    Home. For all. Killam Apartment REIT Annual Report 2017 About Killam Profile Growth Strategy Killam Apartment Real Estate Investment Trust (“Killam”, or Killam’s strategy to maximize value and long‐term “Killam Apartment REIT”) is a growth-oriented investment profitability is focused on three priorities: trust owning, operating, and developing apartments and • Increasing the earnings from its existing portfolio; manufactured home communities (“MHCs”). Killam owns a • Expanding the portfolio and diversifying $2.3 billion real estate portfolio, located in Atlantic Canada, geographically through accretive acquisitions, with Ontario, and Alberta. an emphasis on newer properties; and • Developing high‐quality properties in its core markets. Mission Core Values To have caring staff deliver clean, safe, quality housing to tenants who are proud to call our properties home. Emily Anne & Family Calling Killam Home Since 2016 2 KILLAM APARTMENT REIT | 2017 2017 Highlights Home. For all. Killam launched its Home. For all. advertising Total Unitholder Return campaign in October 2017. This program provides a window into the lives of Killam’s residents, demonstrating just how much “home” matters to the 24.3% diverse group of people who live in Killam’s properties. This campaign features several residents – young Increase in Same Property loves and vintage loves, supermoms and superheroes, Net Operating Income (“NOI”) teenagers and couples who have been together since their teens, showcasing the rich diversity of Killam’s 3.6% communities. Acquisitions Completed $200M Debt to Total Assets 48.7% Tenant Satisfaction Survey Results 90% Letter to Unitholders 4 Asset Portfolio 16 Management’s Discussion & Analysis 25 Financial Statements 74 Five-Year Summary 107 @killamapartments killam.apartments @KillamTweets snapsofkillam KILLAM APARTMENT REIT | 2017 3 Letter to Unitholders Dear Unitholders, I am pleased to report that 2017 was a very successful year Our portfolio performed very well in 2017, achieving its for Killam.
    [Show full text]
  • MARKET DIPERFEC'l'iors ARD the ROLE OP RER'l' RBGOLATIORS IN
    MARKET DIPERFEC'l'IORS ARD THE ROLE OP RER'l' RBGOLATIORS IN THE RESIDENTIAL RER'l'AL MAR1tET by J. David Bulcbanski School of Comwunity and Regional Planning University of British Columbia Research Study No. 6 COllll.ission of Inquiry into Residential Tenancies Toronto Published by the Conunission of Inquiry into Residential Tenancies, December 1984 Printed in Canada ISSN - 0823-4418 ISBN - 0-7743-9916•3 Copies of this report are available from the Ontario Government Bookstore, 880 Bay Street Toronto, Ontario, M7A 1N8. Telephone: 416-965-6015; toll-free 1-800-268-7540; area code 807, ask operator for Zenith 67200. The views expressed in this paper are those of the author and not necessarily those of the Conmission. CONTENTS Introduction Part I. The Rental Housing Market: Problem or Solution? 4 1. Major Elements of the Rental Housing Problem 4 1.1 The Gap Between Affordable Rents and Existing Rents 5 1.2 The Gap Between Existing Rents and Financial Recovery Rents 8 1.3 Is the Rental Market the Problem or the Solution? 12 2. Measuring the Market Impacts of Rent Regulations _14 2. 1 The Lack of Reliable Evidence 14 The Counterscenario 15 The Impact Domain Problem 15 2.2 Unsupportable Negative Impact Claims 16 2.3 Why Are Rent Regulations So Controversial? 22 Ideology 22 Little Agreement on Social Priorities 22 Misunderstandings about the Nature of the Existing Rent Regulation System 23 Assumptions About the Actual Impacts and Effectiveness of Rent Regulation 23 Economic Self-Interest 24 3. Problematic Characteristics of the Residential Rental
    [Show full text]
  • Kristjana Loptson
    The “Housing Economy” and Housing Insecurity in Canada by Kristjana Loptson A thesis submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy Department of Political Science University of Alberta © Kristjana Loptson, 2017 Abstract This dissertation situates Canada’s housing system, and the policy framework that shapes it, within a broad political economy context in order to understand the evolving nature of housing in the country. The study is motivated by a concern about the social implications of rampant housing insecurity, which occurs when households cannot access, or have only insecure access to adequate housing. Housing insecurity manifests in a range of ways and is reflected in the high number of people presently experiencing or at risk of homelessness; in the low rental vacancy rates in many cities; in the number of evictions occurring due to rent arrears; in long social housing waiting lists; and in shelter costs that are, across the country, unmanageably high for many households. I contend that identifying and understanding the barriers preventing effective policy responses to housing insecurity requires a careful analysis of Canada's complex housing system, including appreciating how profoundly important housing assets have become to Canada’s economy. Homeownership has come to serve as a crucial financial instrument, and this political economic reality has transformed the meaning of housing tenure and seriously constrained housing policy options. A core contention of this dissertation is that as Canada's housing system has evolved, the Canadian economy has increasingly developed into a “housing economy”— a term I use to describe a paradigm of economic growth characterized by a highly financialized housing system in which a substantial proportion of the country’s wealth and debt are generated and stored.
    [Show full text]
  • Boardwalk Real Estate Investment Trust Renewal Annual Information Form
    BOARDWALK REAL ESTATE INVESTMENT TRUST RENEWAL ANNUAL INFORMATION FORM DATE February 27, 2020 - 1 - BOARDWALK REAL ESTATE INVESTMENT TRUST ANNUAL INFORMATION FORM TABLE OF CONTENTS NOTE REGARDING FORWARD LOOKING STATEMENTS ........................................................... 5 PRESENTATION OF FINANCIAL INFORMATION AND NON-GAAP MEASURES ................... 6 PRESENTATION OF FINANCIAL INFORMATION .......................................................................................... 6 NON-GAAP FINANCIAL MEASURES ......................................................................................................... 6 NET OPERATING INCOME (“NOI”) ........................................................................................................... 6 FUNDS FROM OPERATIONS (“FFO”) ......................................................................................................... 7 ADJUSTED FUNDS FROM OPERATIONS (“AFFO”) .................................................................................... 7 ADJUSTED CASH FLOWS FROM OPERATIONS (“ACFO”) ......................................................................... 7 DISTRIBUTIONS AS A PERCENTAGE OF FFO, AFFO AND ACFO .............................................................. 7 OPERATING MARGINS ............................................................................................................................... 8 STABILIZED REVENUE GROWTH, STABILIZED OPERATING EXPENSE GROWTH AND STABILIZED NOI GROWTH ...............................................................................................
    [Show full text]
  • Rent-Striking the REIT: Reflections on Tenant Organizing Against Financialized Rental Housing in Hamilton, Ontario, Canada
    Radical Housing Journal, September 2019 Vol 1(2): 81-101 Section: Retrospectives Rent-striking the REIT: reflections on tenant organizing against financialized rental housing in Hamilton, Ontario, Canada Emily Power Hamilton Tenants Solidarity Network, Hamilton, Ontario, Canada Bjarke Skærlund Risager Hamilton Tenants Solidarity Network and Department of Geography & Planning, University of Toronto, Toronto, Ontario, Canada Abstract Emily Power is a member In 2018, a group of tenants from four high-rise apartment buildings in of the Hamilton Tenants East Hamilton, Ontario, Canada, launched a seven-month rent strike Solidarity Network (HTSN). against their landlord, a real estate investment trust (REIT). The Bjarke Skærlund Risager is a tenants protested a proposed steep rent increase and demanded long- Postdoctoral Fellow in the standing repairs to their apartments. While some repairs were done, Department of Geography & and the strike involved other successful moments, the rent increase was Planning, University of Toronto, not fought off. Written from the perspective of the Hamilton Tenants and is doing participatory action research with HTSN. Solidarity Network (HTSN), the group that helped organizing the rent Contact: strike, this article has two aims. First, we analyse the strategy and tactics [email protected] and of the REIT in the context of deindustrialization and financialization in [email protected] Hamilton. We break up this financialized landlord’s ‘repositioning’ strategy into five predatory tactics: cutting, squeezing, greening, rent increasing, and bullying and bribing. Second, we reflect on the experiences, successes, and failures of HTSN. Our successes include organizing tenants and training tenants as organizers; having well- executed legal, fundraising, and media strategies; making social events and political actions integral to the strike; and relying on and forging further ties with comrades and supporters.
    [Show full text]
  • 2017 Ontario Budget a Stronger, Healthier Ontario
    2017 Ontario Budget A Stronger, Healthier Ontario The Honourable CHARLES SOUSA Minister of Finance Budget Papers For general inquiries regarding 2017 Ontario Budget: Budget Papers, please call: Toll-free English and French inquiries: 1-800-337-7222 Teletypewriter (TTY): 1-800-263-7776 For electronic copies of this document, visit our website at www.ontario.ca/budget A printed copy of this publication can be ordered: Online: www.serviceontario.ca/publications By phone: ServiceOntario Contact Centre (Monday to Friday, 8:30 AM to 5:00 PM) Telephone: 416-326-5300 TTY: 416-325-3408 Toll-free across Canada: 1-800-668-9938 TTY Toll-free across Ontario: 1-800-268-7095 © Queen’s Printer for Ontario, 2017 ISBN 978-1-4868-0080-3 (Print) ISBN 978-1-4868-0081-0 (HTML) ISBN 978-1-4868-0082-7 (PDF) Ce document est disponible en français sous le titre : Budget de l’Ontario 2017 – Documents budgétaires FOREWORD Foreword A Balanced Approach The 2017 Budget is a balanced budget, the first one since the 2008–09 global recession. This was achieved through the hard work and determination of the people of Ontario. The recession had negative effects across the world, and Ontario was not immune. Many people lost their jobs and the economy weakened, resulting in a substantial drop in the Province’s revenues. Faced with this new reality, the Ontario government embarked upon a plan to invest in our people and return to a balanced budget. Rather than slash the programs and services upon which Ontario families rely to eliminate the deficit, our government chose to build Ontario up.
    [Show full text]
  • Rent Control: a Proposal for Reform
    RENT CONTROL: A PROPOSAL FOR REFORM EdwardIacobucci* Le contr6ledes loyers estunequestionfort Rent control is a matter of considerable controvers~e dans les domaines academic andpolitical controversy. This universitaireetpolitique. L'auteur de cet articleexplores three distinctapproaches articleexamine trois approchesdistinctes that have been taken by qui ont 9t9 adoptdespardes commentateurs : commmmm'entators: the libertarianview la vision libertarienne embrass~e par espoused by Epstein; the connection Epstein; le rapport entre le foyer et between home and personhoodanalyzed l 'indentit individuelleanalysgparRadin; by Radin; and the economic welfare le bien-4tre 6conomique. Dans cette approach. Within the latter perspective, dernijreperspective, l'auteur insiste tout this articleplaces particular emphasis on particulirementsurlefait que le contr6le the role of rent control as a substitutefor des loyers peut remplacer la conclusion long-term contracting. The article then 1995 CanLIIDocs 26 de contratii long terme. L 'auteurpropose proposes a reform to rent control that ensuite une r~forme du con tr6le des loyers attempts to addressconcerns raisedby the qui essaie d'aborderles preoccupations three approaches. The proposed regime mises en ividencepar les troisapproches. decontrols rentsfor tenants moving into Le rggimeproposglib re leprixdes loyers apartments, while rent in occupied pay~s par les locatairesqui s'installent apartments rises at market ratesset by a dans un appartement,tandis qu'ilpermet government agency. The paperfurther l'augmentationdes loyers pays par les suggestsa transitionscheme to movefrom locataires qui continuent d'occuper un present Ontario rent control rules to the appartement,etce, selon destauxpratiqus proposed regime. sur le marchg etfix6s par un organisme gouvernemental. Enfin, l' auteurpropose un planpourfaire la transitiondu r9gime actuel de contr6le des loyers en Ontario au r~gimepropose.
    [Show full text]
  • Rational Reform of Housing Access Policy in Ontario
    Rational Reform of Housing Access Policy in Ontario by Benjamin Carter Ries A thesis submitted in conformity with the requirements for the degree of Master of Laws Graduate Department of the Faculty of Law University of Toronto Licensed CC BY-NC-ND by Benjamin Carter Ries 2011 http://creativecommons.org/licenses/by-nc-nd/2.5/ca/ Rational Reform of Housing Access Policy in Ontario Benjamin Carter Ries Master of Laws Graduate Department of the Faculty of Law University of Toronto 2011 Abstract Ontario’s current regulatory approach to low-income housing lies between two primary challenges: the human right to housing, and political/fiscal constraints. This thesis draws on legal theory and economic analysis of law to articulate the proper goals of housing access policy. A structural theory is proposed to explain the normative relationship between efficiency, communitarianism and justice in housing. An array of regulatory options are compared and considered in light of the features that characterize Ontario’s low-income rental housing markets. This analysis favours demand-side housing subsidies to low-income households, combined with supply-side tax expenditures to improve elasticity in the low-income rental market. Further reform of rent and covenant controls, social and affordable housing supply, and land use planning is recommended to ensure an efficient residential tenancy market. These reforms are offered as a framework for the implementation of the human right to housing in Ontario. ii Acknowledgements I would like to express my sincere gratitude to Professor Michael Trebilcock for his supervision of this thesis. It has been a true privilege to draw upon his illustrious record of legal scholarship and expertise.
    [Show full text]
  • Journals of the Legislative Assmbly of The
    o .-\ JOURNALS OF THE Legislative Assembly OF THE PROVINCE OF ONTARIO From the 21st of February to 10th of April, 1952 Both Days Inclusive. IN THE FIRST YEAR OF THE REIGN OF OUR SOVEREIGN LADY QUEEN ELIZABETH II BEING THE First Session of the Twenty-Fourth Parliament of Ontario SESSION 1952 PRINTED BY ORDER OF THE LEGISLATIVE ASSEMBLY VOL. LXXXVI ONTARIO TORONTO Printed and Published by Baptist Johnston, Piinter to the Queen's Most Excellent Majesty 1952 INDEX Journals of the Legislative Assembly, Ontario 1 ELIZABETH II, 1952 1st SESSION TWENTY-FOURTH PARLIAMENT FEBRUARY 21st APRIL 10th, 1952 A CCOUNTS, PUBLIC: See Public Accounts. ADMINISTRATION OF JUSTICE EXPENSES ACT: Bill No. 38 to amend, introduced, 14. 2nd Reading and referred to Com- mittee on Legal Bills, 25. Reported as amended, 103. House in Com- mittee, 122. 3rd Reading, 125. Royal Assent, 177. (1 Eliz. II, cap. 1.) ADMINISTRATOR OF THE PROVINCE: His Proclamation calling the Assembly, 1. See also Lieutenant-Governor. ADJOURNMENT OF THE HOUSE: See Legislative Assembly. ADOLESCENT SCHOOL ATTENDANCE ACT: Question No. 80 as to home permits and employment certificates issued under, 66. Answered, 110. AGRICULTURAL COLLEGE ACT: Bill No. 55 to amend, introduced, 22. 2nd Reading and referred to Com- mittee on Agriculture, 99. Reported, 123. House in Committee, 128. 3rd Reading, 137. Royal Assent, 177. (1 Eliz. II, cap. 2.) AGRICULTURAL COLLEGE AND EXPERIMENTAL FARM: See Ontario Agricultural College. AGRICULTURAL DEVELOPMENT OF PROVINCE: Measures to assist referred to in Speech from Throne, 7. fiii] iv INDEX 1952 AGRICULTURAL LOANS: Report of the Commissioner, 142. (Sessional Paper No.
    [Show full text]
  • RENT CONTROL MYTHS&REAUTIES International Evidence of the Effects of Rent Control in Six Countries
    ALL RENT INCREASES as® LANDLORDS CONTRIBUTORS INCLUDE MILTON FRIEDMAN \. HAYEK THE FRASE R INSTITUT E RENTGONTROL MYTHS&REALITIES www.fraserinstitute.org RENT CONTROL MYTHS&REAUTIES International Evidence of the Effects of Rent Control in Six Countries Contributors includ e Milton Friedman, Friedrich Hayek, and Basil Kalymon Co-edited by Walter Block and Edgar Olsen THE FRASE R INSTITUT E 1981 www.fraserinstitute.org Canadian Cataloguing in Publication Data Main entry under title: Rent control, myths & realities (Fraser Institute housing and land economics series; no. 7) Bibliography: p. ISBN O-88975-O33-5 1. Rent control - Addresses, essays, lectures. 2. Housing - Addresses, essays, lectures. I. Block, Walter, 1941- II. Olsen, Edgar, 1942- III. Friedman, Milton, 1912- IV. Hayek.FriedrichA., 1899- V. Kalymon, Basil A., 1944- VI. Series: Fraser Institute, Vancouver, B.C. Fraser Institute housing and land economics series; no. 7 HD7287.5.R457 333.5 C80-091222-5 COPYRIGHT © BY THE FRASER INSTITUTE, 1981 Printed in Canada. IV www.fraserinstitute.org Contents PREFACE xiii Walter Block, Senior Economist, The Fraser Institute Unexpected unanimity xiv The role of the economist xv What is the problem? xvi How has rent control worked? xvii The New York City financial crisis xviii A Canadian example xviii European rent control xix Benevolent intentions xxi Notes xxiii PART ONE—THE POLITICS OF RENT CONTROL Chapter 1: The Politics of Rent Control in the United States: A Program at the Yellow Light Ted Dienstfrey, Director of Research and Planning,
    [Show full text]