Foreign Money, BC Real Estate Prices and Line Dancing

news-reporter-commenting on-people-line-dancing

* this is a brief commentary on the recent Georgia Straight article “Josh Gordon: Vancouverites don’t need “re-education” about foreign ownership and housing affordability”:

Sometimes what is painfully obvious to the general populace is lost on the politicians, mainstream media, academics and others who may have also succumbed to the intellectually bankrupt concept of political correctness which ignores facts, rational arguments and eschews debate.

For 15 years foreign money has been allowed to destabilize Metro Vancouver real estate prices with the full encouragement and support of the then BC Liberals (as funded by the development industry).

The result has been to make much of the real estate in the Lower Mainland and other parts of BC unaffordable to local residents.

Long before this happened in BC, the most desirable major cities in the G-20 like New York, London, Paris, San Francisco, LA, Sydney and others all experienced this phenomenon.

None of these cities by the way, could ever “build their way to affordability” as the local development industry here suggests as the solution.

BC residents have been complaining about this for well over a decade, but to no avail.

Unfortunately long after the horses have left the proverbial barn, making housing affordable again, a popular slogan of all politicians running in local elections as of late, is about as likely to happen as “bringing back line dancing”.

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