Quote:
Originally Posted by Johnny199r
The government used to build a lot of purpose built rental buildings until the mid 90s. They were actually pretty good at it. Then they just gave up and of course private developers are in business to make a living, not charity. The void has become pretty big.
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Do you know what that program was called or have a link to it? I couldn't find anything and hadn't previously heard of that, and I'm quite interested.
Quite a bit of multi family housing stock in Canada was built under a tax incentive program from the late 70s called the MURB. It allowed significantly accelerated depreciation on qualifying buildings that could be deducted against other income, so investors could get a large tax break in year 1 (eventually repaid when the unit was either sold or fully depreciated, but that would be years later). That spurred quite a bit of construction quickly. The Prime Minister who put it in place had the same last name as the current one.