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In our report on above guideline rent increases (AGIs) in Toronto we highlighted how financialized and corporate landlords are responsible for the vast majority of AGIs.
Here's a short thread on some public sector pensions investing with these landlords and profiting from AGIs:
Here's a short thread on some public sector pensions investing with these landlords and profiting from AGIs:
Starlight Investments applied for more than 200 AGIs in Toronto from 2012-2019. @InvestPSP calls Starlight their "Canadian multi-family partnership".
In 2020, PSP acquired more than 6,000 apartments with Starlight, concentrated in the GTA.
In 2020, PSP acquired more than 6,000 apartments with Starlight, concentrated in the GTA.
PSP has been criticized for the operations of its LTC subsidiary Revera, but so far there's been no reporting on its investment in one of the worst pandemic evictors and a landlord that has recently been targeting tenant organizers with eviction. https://www.evictionsontario.ca/worst-evictors
Oxford Properties is the real estate arm of OMERS, the pension fund for municipal employees in Ontario. Their apartments clustered at Victoria Park and Eglinton have seen multiple AGIs since 2013.
Minto's High Park Village apartments — subject to 4 AGI applications since 2012 — are majority-owned by @cppinvestments, which manages the Canada Pension Plan.
bcIMC is the "investment manager of choice for BC's public sector" and is active in applying for AGIs, including 5 applications since 2013 on one of its Toronto properties. It manages funds for 12 public sector pensions, including @MyBCMPP, @BCPSPP, and @BCTeachersPlan.
AIMCo manages funds for several Alberta public sector pension plans and co-owns several MetCap buildings in Parkdale.
When tenants in these buildings went on rent strike to protest AGIs and disrepair, they brought their demands directly to AIMCo. https://www.landlordsoftoronto.com/metcap
When tenants in these buildings went on rent strike to protest AGIs and disrepair, they brought their demands directly to AIMCo. https://www.landlordsoftoronto.com/metcap
For more about AGIs, including how they impact tenants and cause displacement, and how tenants have had success fighting them, check out our report: https://renovictionsto.com/agi-report
