I believe Boardwalk to be a very responsible corporate citizen, acutely aware of its social responsibility. Because of its level of awareness, Boardwalk has many policies in place which reflect social responsibility to the community, such as self-regulated rental increases; having an internal subsidy program which provides support to residents who will suffer financial hardship due to a rental increase; providing buildings specifically dedicated to the needs of seniors; working with Government and social agencies to ensure availability of private/public subsidized housing - reducing waitlists for Government built and subsidized housing; and commitments to charities through funding & volunteer efforts, by the company and its associates.
Boardwalk employees are not only encouraged, but required to show respect for residents, associates and the community, and to do their very best every day to meet the needs of residents.
Boardwalk's primary responsibility is to serve it's shareholders, who should be very happy if they invested last year, perhaps not so happy if they invested in the last couple of months.
Their Code of Conduct and their social programs serve only to provide Ms Hunt with the sort of spin fodder required to protect the share price. But they are pretty much token.
To be fair, apart from rent, my rental experience with Boardwalk has been not bad. While the management has been slow at repairing vandalized hallway walls, the cleaning staff keeps picking up the broken dry wall. While $4 to wash/dry a load of laundry feels like a gouge, the machines seem to be kept in good repair.
But when it comes to money, the rent, I've never felt so unwelcome. I don't need a subsidy. I just need flexibility so I don't have to get a payday loan. Lack of flexibility costs me $60 to $90 a month. At the start, what I got from Boardwalk was that I need to talk to them if I was going to be late. I did that. Then I got that I better pay it at the first or else. Then I got a bill for a letter they wrote. I've always paid my rent. It's never gone past 10 days and I've managed to pay a month in advanced once. Not a word about subsidy programs. Not a word about how we can make this easier. Instead, they up the pressure with letters from lawyers and arbitrary charges.
If you pay your rent, not much they can do about you. But if you have any challenges, they want you out. After all, they could rent my unit for another $300 or $400 a month. Why would they want me to stay?
Sorry Ms Hunt, the social responsibility, social programs, and the subsidy programs are just shareholder whitewash.
1 comment:
In response to Mr. Werks’ comments of May 16th, 2007:
Boardwalk’s operating mandate has been, since its very earliest days, to acquire, improve and manage quality rental communities. In the past, it did not build new rental units because managing pre-existing units was more economically viable, and because the cities it operates in resisted increasing density in established residential neighborhoods. As supply and demand forces have changed in Alberta over the last year, the economics of building have changed, and cities have realized the negative ramifications of urban sprawl. Consequently, Boardwalk has begun more seriously considering new construction of apartment units on currently low density properties. At its last two Annual General Meetings, Boardwalk changed its ‘Declaration of Trust’ (the rules under which the Trust operates) to allow new flexibility for rental construction.
Boardwalk’s internal calculations suggest that rental rates for newly constructed rental units with quality amenities and preferred locations need to be approximately $1600 / month to make construction viable. Unfortunately, this calculation has been misunderstood by many, a misunderstanding that has been reinforced by the media. The $1600 per month estimate does NOT mean that average rents need to reach $1600 per month. Rather, it means that the rental rates on new construction– those rents paid for the newest and most modern apartments - must be $1600. Currently, the market for this level of rent on new construction already exists: newly constructed rental units (in the form of condominiums bought and then subsequently rented out by investors) range in price from $1600-$2000+ per month. Given the numbers currently seen in the condominium market, Boardwalk is in the early architectural and planning stages of new rental unit construction.
Building new rental units will allow Boardwalk to cater to a niche of renters seeking high end apartment dwellings. New construction will also free up availability in existing apartment units, as renters moving into new rental units will most commonly move from existing ones. Finally, adding new units to the overall rental universe will increase the supply, thereby decreasing demand forces which are pulling rents up. Boardwalk believes that new construction is a win-win-win for its residents, communities and Trust Unitholders.
In response to Mr. Werks’ comments of May 22nd, 2007:
Boardwalk currently provides homes for more than 50,000 people. Because of the size of the company, Boardwalk is able to offer superior service, including a 24 hour call center and on-call maintenance. We are also able to offer Customer protection programs – at significant cost to the company - to encourage long term residents. Currently, occupied rents (what people actually pay) and market rents (what the market can bear) are many hundreds of dollars separated. However, Boardwalk chooses to forego more than $45,000,000 in rent increases to market levels this year in Alberta alone because we are committed to operating with a long term, Customer-focused perspective.
Boardwalk proves its commitment to its residents on a daily basis. In addition to superior Customer Service, we make every effort to allow flexibility, recognizing that occasionally, situations come up that are outside of a Resident’s control. However, like any bill payment, consistent lateness of payment must be addressed. Boardwalk depends upon on-time rental payments to plan and pay for on-going maintenance, staff wages, supplies, taxes, etc etc.. In addition, it is only fair to have consistent rules in place for all of our Customers.
Because Boardwalk values its residents, particularly its long-term residents, it has established appropriate channels for residents to utilize and have their concerns addressed. While your first point of contact is to approach your on-site Customer Service Representative, there is also a 24 hour, 7 day per week, toll free Customer service number (1-800-310-WALK) which will allow you to further any concerns to Boardwalk’s management.
Information respecting Boardwalk’s community and social programs is as public as our financial status. Links to our social and community programs, including our Internal Subsidy Program, are available on their website (http://www.bwalk.com), under “Community” on the right side of the page, then click on the “Community Development and Social Services” window.
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