I am a landlord in Toronto with three apartments. I will be waiving rent for the month of April. I know that most landlords can't afford to do this but, for those that can, please do. #waiveaprilrent
If you can’t afford to waive rent entirely, any reduction will matter. Please consider lowering rent as much as you can afford for the month of April. We are all in this together. #waiveaprilrent
Even more importantly, if you’re a landlord of a commercial property, please, please, please find a way to help your business tenants survive these next few months. It’s unfair that this falls to you, but it falls to you. Local business is getting decimated.
Not all of my tenants will need immediate help, but as businesses shut down and people get laid off, many of them will. Many businesses and non-full-time workers just saw all their income completely disappear. #waiveaprilrent
I sent a note to my tenants asking them, if they have secure employment, to spend the money on local food delivery or buying gift cards to local stores. We need to keep local business alive. #waiveaprilrent
I want to be clear: I am very lucky to be able to do this. Some landlords need their income to pay their bills and won’t be able to. The government and banks need to step up and work with us to help everyone get through this crisis.
To be clear, the mortgage relief currently offered by the big five banks is NOT ENOUGH! It will help some owners of property, but it will not help renters, who are most in danger in this crisis. We need to target temporary reduction or elimination of all rent. #waiveaprilrent
While we wait for an appropriate government response, if you are lucky enough to have rental property income that you can either partially or completely survive without for a month, please, #waiveaprilrent.
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Powerful support for more employee ownership in Canada from a very credible source: @BMO is a top lender to majority employee-owned companies in the US.
Opinion: Canada needs policies that make it easier for business owners to sell to their employees financialpost.com/news/economy/o…
As BMO's Christine Cooper writes here, public policy in the US is highly supportive of employee ownership trusts, where all employees receive shares in their company at no cost. The results are proven and well documented.
As she writes: "Recent data ... show that employee-owners have a whopping 92 per cent more net wealth than their non-employee-owner counterparts. This trend is especially true for young people, single women, visible minorities and parents raising young children."
Everyone should do their part to #StandWithUkraine️. That's why so many current and former @McKinsey and @BCG employees are speaking out as other consultancies leave Russia. In contrast, McK and BCG are *pretending* to leave, without actually leaving. A short thread of shame.
On March 3, both McK and BCG CEOs sent out letters to their former employees about severing ties with Russia. However, both letters said they would complete existing engagements with non-state-owned firms. This is a really important distinction and different from @Accenture et al
Consulting engagements will last from 6 weeks to a year. So, a lot of their current work might last through the end of the war. Presumably, they could start taking on new work at that time, meaning their #standwithukraine commitment might only amount to a few delays.
It's not a fun or happy topic, but Provincial political leaders and small business advocacy organizations should be talking about an easier path to bankruptcy as a way to support small business in Canada. #onpoli#cdnpoli 1/ thestar.com/opinion/contri…
Many political leaders, and organizations like @CFIB, @CdnChamberofCom and @RetailCouncil have done great (and tireless) work over the past 20 months keeping businesses afloat amidst rotating shutdowns to protect public health. But for many no amount will help them survive. 2/
Encouraged by governments, many family-owned small and micro-businesses have taken on massive debts and owe huge back rent trying to keep the doors open. Those debts will come due amidst a much worse operating environment. In some cases paying it back will take decades. 3/
@LongosMarkets is a great family-owned grocer, and their customers love it. So why did the Longo family sell out to one of the big three conglomerates?
Empire (Sobeys), Loblaw and Metro own 75% of the Canadian grocery market.
(2/12) restobiz.ca/longos-ranks-a…
Maybe they got an offer they couldn't refuse!
Or, maybe they had no credible alternative.
That's not the case in the US, where US-ESOPs enabled family-owned @Publix, @WinCoFoods, @BrookshireBros and @HarpsFoodStores (and others) to stay independent by selling to their employees.
#SaveMEC is about more than saving a co-op. It’s about preventing another Canadian icon from suffering the same fate as Tim Horton’s: a slow grinding decline under ownership that doesn’t care. So, let’s look at the unimpressive and troubling potential new management of MEC.
Short version: @MEC to be run by three middle-aged white men: a mediocre-at-best American investor, an out-of-work grocery CEO and a COO who might never have managed a store and runs a guns-and-testosterone shoe brand. This should go well!
Long version: First, the buyer, Kingswood, a PE fund out of LA. Its website claims it was founded in 2013, but it only sort of was. Until 2019 Kingswood seems to have been just one guy: Alex Wolf. His first real fund was raised last year, and MEC will be that fund's first deal.
1/ Today we begin phase 3 in Ontario, or, as I like to call it "killing ourselves to pay the rent."
2/ As has been well documented, we know from other places that opening up bars lead to more cases and more deaths. So, people will die. Why are we killing them? To keep these businesses from going under. And what would drive them under? Rent. This is all about rent.
3/ When a bar (or movie theatre or gym) is closed, they lay off their staff and stop buying things. The things they already bought aren't perishable, so there's no cost to holding them. Most of what's left is rent. Bars could stay closed almost indefinitely with no rent.