The mayor of Vancouver, B.C., announced late Tuesday that an empty lot, the site of a tent city of homeless residents and affordable housing activists, will be transformed into subsidized housing for seniors and people on welfare.
Vancouver is not only Canada's priciest real estate market, it is the priciest market on the west coast, outdoing even San Francisco/Silicon Valley prices.
The whole of the lower mainland is in the hands of private developers maximizing profits due to "market demands". Low costs rentals are disappearing faster than this so called "victory" can replace. In some areas what is now deemed "low cost and affordable" is a 600 Sq Ft rental apartment for 1800$$.
Older complexes are being torn down and new pricey high rises replace them.
Now there 10's of thousands of peoples that work in retail or other low paying jobs in these communities that can not afford to live in the same. What happens is these people move further and further out into the valley for affordable rent and then do a 2 hour commute one way each day to get to work. This then sees the city hard pressed to maintain the roads and highways and they seek more mega projects to build new bridges and infrastructure.
This compounded by the fact that the people that pay 1 million dollars for the homes above do not want to see the "value" of their investment drop as they would then be in debt for more than the home worth. They than oppose housing in the region that might cause real estate values to drop.
It mind numbingly short sighted and just another reason I see little good that comes from "Private property" Homes should be just that HOMES and not an investment vehicle or a storage of personal wealth.
This is a huge problem for people who live in Vancouver. So much so that as of August 1st, there is a 15% tax on housing for foreign buyers who are not living in Vancouver. You can thank the massive overwhelming money pouring in from China for that. It is insane!
There is a large Chinese population in Vancouver ( Hong Kong Chinese -you saw this trend then but obviously not as big as now ) which that makes it attractive for Mainland Chinese to move their money to Vancouver-a standing community. Current Chinese investments are for several reasons 1) Insurance homes for Mainland Chinese to flee to at the first problem, 2) Getting around the currency/capital limits imposed by the Chinese Government-- i.e. parking their money.
Interestingly, there have been charges against Real Estate agents/firms skirting the law on this, and 3) setting up their children to go to Universities -- hence the Ferrari driving students at University of British Columbia.
This huge pouring in of money has totally distorted the market. There are now wide areas of foreign owned vacant houses- eery. Here in Toronto we are experiencing this trend but not as insane as it is in Vancouver. Our Chinese community lives outside the City and we have a much wide range of cultures in Toronto. Hopefully we don't get a move now to Toronto given this 15% tax-- and I am speaking as a home owner---
Promises = Guaranteed Basic Income for elites. Same as it always was.