Opinion: Housing reset — Supply myth exposed, but more of the same

Comment by Voices:  This article in the Vancouver Sun today applies equally to the City of North Vancouver.  Planned development is well ahead of the Strategic Growth Strategy, updated statistics to come shortly.  

Quoting in part: 

The City of Vancouver is finally admitting that they cannot build their way out of the housing affordability crisis. The supply myth has been driving ever-escalating amounts of market housing, but affordability is getting worse, not better. The city now says that “we have plenty of supply — what we need is the right supply.”

This is the conclusion of a recent report to council that proposes a housing reset. Although they correctly identify that a change of direction is needed, the city instead proposes more of the same.

The city has been approving market development at a record pace, yet prices continue to escalate. The new supply is not bringing affordability and never will if we continue doing the status quo.

In fact rezoning has been inflating land values while demolishing the older more affordable housing stock. People are being displaced and priced out of their city. This is what happens when the real estate market is disconnected from the local economy.

Many of the needed solutions are out of the city’s jurisdiction. However, the city’s own land-use policies of promoting unsustainable levels of market redevelopment has been largely responsible for enabling this crisis to escalate.

Source: Opinion: Housing reset — Supply myth exposed, but more of the same

 

 

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