Vancouver’s real-estate-speculator-turned-MP Taleeb Noormohamed owns shares in Airbnb – the short term accommodation platform blamed for taking long-term rentals out of Vancouver’s tight rental market while bringing crime and violence to residential neighbourhoods.
Vancouver-Granville Member of Parliament Taleeb Noormohamed, who first made headlines during the 2021 election campaign when his history of property flipping came to light, also owns multiple real estate investment companies as well as shares in 84 publicly traded corporations, his disclosure documents show.
BC Assessment documents show the Liberal MP to be the owner of at least five homes in the Vancouver area. Disclosure documents revealed by the Office of the Conflict of Interest and Ethics Commissioner reveal these homes to be rental properties.
Noormohamed has declared “significant interest in 1310672 BC Ltd., a real estate holding company, which owns one property in Vancouver, British Columbia.”
BC Assessment documents show that the company bought the property sometime last year when it listed Noormohamed as a sole director. BC Corporate Registry documents show that the ownership structure was modified after Noormohamed was elected as a member of parliament.
Noormohamed also declared “nominal interest in Immeubles Q-Mont (II) Industrial Properties L.P., a real estate business.”
Noormohamed owns shares in 84 publicly traded corporations including Airbnb, Amazon, Aztrazeneca, Blackrock, Coinbase, Doordash, Johnson & Johnson, Kinder Morgan, Lockheed Martin, Nestle, Tesla, Twitter, Uber, Walmart, and Walt Disney.
Noormohamed also holds Bitcoin, Ethereum, and Stacks cryptocurrencies.
A peer-reviewed study[1]Combs, J., Kerrigan, D., & Wachsmuth, D. (2020). Short-term rentals in Canada: Uneven growth, uneven impacts. Canadian Journal of Urban Research, 29(1), 119-134. by McGill University scholars Jennifer Combs, Danielle Kerrigan, David Wachsmuth published in 2020 concluded that Airbnb had taken out at least 31,000 rental homes out of the market nationwide. According to the researchers, Vancouver was one of the hardest hit areas with Airbnb removing thousands of homes from the rental market.
A group of researchers from Boston, Massachusetts found evidence that an increase in Airbnb listings also led to an increase in crime and violence in the neighbourhood[2]Ke, Laiyang and O’brien, Daniel and Heydari, Babak, Airbnb and Neighborhood Crime: The Incursion of Tourists or the Erosion of Local Social Dynamics? (November 5, 2020).
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References [ + ]
| 1. | ↑ | Combs, J., Kerrigan, D., & Wachsmuth, D. (2020). Short-term rentals in Canada: Uneven growth, uneven impacts. Canadian Journal of Urban Research, 29(1), 119-134. |
| 2. | ↑ | Ke, Laiyang and O’brien, Daniel and Heydari, Babak, Airbnb and Neighborhood Crime: The Incursion of Tourists or the Erosion of Local Social Dynamics? (November 5, 2020). |