Real estate for social purpose: varieties of entrepreneurialism in Toronto’s non-profit housing sector

Non-profit housing providers have faced ongoing pressure from neoliberal restructuring policies since the late twentieth century. In reaction to funding cuts and policies requiring them to become more business-like, housing organisations have become more hybrid, incorporating entrepreneurial logics and practices from the real estate sector. We expand on the concept of hybridity to argue that under certain institutional contexts, non-profits can apply real estate entrepreneurialism towards their social housing missions. Analysing development and acquisition practices of 13 non-profit housing providers in the Greater Toronto Area, we explore how non-profits balance entrepreneurial practices with their commitment to de-commodified housing. Three types of hybrid organisations are identified: large economy-of-scale organisations that prioritise growth and real estate professionalisation; service-focused organisations whose mission statement limits their growth aspirations; and newcomers, whose forays into housing development face both internal capacity limits and criticism from veteran organisations. The variances in hybridisation processes across and within institutional contexts, we find, require a more nuanced theorisation of the longer-term implications of neoliberalisation on social housing. Learning from Toronto’s budding social purpose real estate sector, we identify key resources for entrepreneurial housing non-profits: building sectoral assets, knowledge sharing, risk management, and a balance between organisational diversity and scale.