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Rally for rent control attracts crowd in downtown Halifax – CBC.ca

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Calls for rent control rang out across Halifax Saturday afternoon as a crowd of about 200 people gathered and marched through the downtown core.

The rally, organized by the advocacy group ACORN, started outside City Hall, where the wide-open Grand Parade allowed for physical distancing.

But the demands of the demonstrators were meant for the provincial government.

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They want the province to adopt legislation that would cap rent increases at three per cent annually.

Organizer Hannah Wood said they want increases to require justification, maybe for major renovations or repairs.

“And not just willy-nilly the way it is now where they raise it whenever they want and they don’t have to justify it to anyone,” said organizer Hannah Wood.

In the past six months, CBC has reported on rent increases across HRM ranging from 17 per cent to as much as 90 per cent.

About 200 people gathered at Grand Parade outside Halifax City Hall on Saturday afternoon to demand a legislated cap on rent increases. (Taryn Grant/CBC)

With those kinds of rent increases, along with mass evictions and a record-low vacancy rate of one per cent, Premier Stephen McNeil told reporters last month that he recognized housing as a problem — one that his government is trying to address.

He was not, however, keen on rent control, saying it “does not work” because it discourages development. Housing Minister Chuck Porter has repeatedly made the same argument in recent months.

Wood was not satisfied with their response.

“When they say rent control doesn’t work, I think that they are thinking of the landlords and the developers and not of the average person. Rent control does help the situation for the average low-income renter.” 

The demonstrators marched to Province House to close the event on Saturday. It’s there that two years ago the NDP tabled a bill to legislate rent control. The Liberal government has essentially rejected it by leaving it untouched on the floor of the legislature.

‘I’m angry,’ says tenant

Jennifer Ryan was among those who marched to the legislature.

She was recently served notice of a $130 rent increase on her bachelor apartment in Halifax’s west end. That’s a 19 per cent increase over the $695 she had been paying.

Ryan said her landlord threatened to hike the rent by more than 90 per cent if she chose to change the terms of her lease to month-to-month.

“I’m angry about the forced rental increases, the rent evictions, the reasons that so many people that are at or below the poverty line are still forced to pay exorbitant prices,” she said.

Ryan said she can afford to pay the new rent on her $30,000 salary, but just barely.

“What I can’t afford is if something goes wrong. Like if for some reason the pandemic comes back and I’m out of work and I don’t have money [coming in].”

Sharon Fernandez stands outside Province House in downtown Halifax holding a sign calling for rent control, and a guide on tenant rights from Dalhousie Legal Aid. (Taryn Grant/CBC)

Sharon Fernandez said she doesn’t think rent control would completely eliminate housing insecurity, but she thinks it’s part of the solution to the current housing crunch.

As a social worker, Fernandez said she sees people falling into homelessness every day. Helping people find and keep a place to live is a big part of her job.

“It’s heartbreaking to see,” she said. “Like, very disheartening.”

“Today it’s somebody [else], and tomorrow it could be me.”

Lawyer Tammy Wohler was also at the rally Saturday, and said she’s worried about the growing trends of rising rents and mass evictions.

In her work at Nova Scotia Legal Aid, Wohler said tenancy issues make up about half her caseload.

“We’re having a significant housing crisis in Nova Scotia,” said Wohler.

She said she’d like the province to reconsider legislating rent control.

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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