Metro Vancouver's housing market is broken. While most of the attention has been on the soaring price of housing, there is also a crisis in the rental market, and the complete absence of any secure housing for the most needy. Together, these factors have fuelled a widening gap between rich and poor.
To address this crisis we must stop treating housing primarily as an investment rather than a place to live. Vancouver's housing should be owned by the people of Vancouver, not absentee owners or corporations.
First, we need to take external capital out of the game. The ability of outside wealth – whether Chinese, Russian, American or Albertan – to come into the housing market is largely unquestioned. But when Vancouverites have to compete for housing with the world's super-rich, locals cannot win.
Asian Pacific Post