https://breachmedia.ca/canadian-mega-landlord-ai-pricing-scheme-hikes-rents/
Software the U.S. government says is illegal gives landlords ability to coordinate rent hikes. Now it’s being used in Canada by developer Dream Unlimited
Using AI to automate collusion while holding no personal accountability.
"But what if the invisible hand was an AI algorithm?"
The provincial maximum on rent-controlled apartments last year was 2.5 per cent, but Sharpe’s building has no limit because Ontario Premier Doug Ford removed controls on any rental units built or occupied after November, 2018.
Drug Fraud ... the asshole of Ontario.
AI hElPs PeOpLe LiVe BeTtEr LiVeS!
We should outlaw all the tactics used by the worst offenders until the renter/landlord relationship returns to a reasonable level of sanity. These fucking parasites are destroying the Canadian economy by further concentrating wealth - we've come a long way from "I have an extra bedroom since my kid moved out" and landlording is now a business and should never be given the benefit of the doubt.
It’s not even private landlords that people should be worried about. There’s a big push on for big companies to just buy as much land as they can everywhere to permanently claim it for future rental purposes.
Consider if rather than a city with a million independent landlords, “omni corp.” bought and controls 90% of the available units anywhere in the city and can control who can live in the city through their database, etc.
Maybe they decide to buy some retiree houses before they pass away and offer the grandkids shares in the company for ongoing revenue and guaranteed income for the rest of their lives. Many old folks would jump at that. But omnicorp would never let the land ever become public again.
It’s all about real estate now. Any other “investment” is inferior. My previous boss knew that ages ago.
DREAM Unlimited (DRM-T) is the company in question (Dundee Real Estate Asset Management). They are the head corporation that provides management services under MSA contracts to their sub-advised companies, DREAM Industrial REIT (DIR.un-T), DREAM Office REIT (D.un-T), and probably the actual company in question, DREAM Residential REIT (DRR.un).
There are many, many REITs (real estate investment trusts) in Canada, public and private, and what makes them a fairly good investment is that they absolutely relentlessly fuck the renter class. They need to be banned or have returns regulated, like utility companies.
Guess who else has an REIT.
That's right, Galen Weston.
He is fucking you more than piper Perri in a gangbang.
Why bring Galeb Weston into this, lots of middle class people are invested into REITs. My best friend talks about his investment in them all the time. Hell, there's a half decent chance my RRSP and my kids RESPs are invested in REITs as part of the broader fund they are part of.
That doesn't make it good for society lmfao.
The 2008 Stock Market crash is a good lesson in this, they bundled subprime loans and turned them into securities which made it into mutual funds, pension funds and generally securities held by corporations.
You missed the point of my post, which was why call out Galen Weston specifically when probably the majority of people, included many middle class people, are invested in REITs one way or another? Like, is it somehow bad that Galen Weston does it but not bad that my best friend ans I do it?
Holding a reit as an investmenr and creating the ecosystem for hiking rent prices by monopolizing ownerahip are not the same thing. I, for moral reasons, do not hold reits because I see what the companies are doing and its' effects.
Here's a trivial test of this is price fixing: Does this system use material non public information to determine prices?
The answer is yes, and therefore it should be illegal and the users of the system charged for it.
This app violates price fixing laws, market allocation laws, and supply restriction laws. it needs to be banned and subpoenaed so that every user of it can also be charged.
This is 100% a Doug ford problem.
In BC all rent hikes are permanently capped at the government limit regardless of anything else.
Hey member that guy who bribed Clarence Thomas? He owns Real Page. Nothing to see here folks.