What Goes Up …

Comment from Voices:  We heartily agree with this sentence in the following article from The North Shore News today:  “What Goes Up …”,  ‘We also need our municipal governments to keep a closer eye on developers who walk in the front door preaching affordability and walk out the back door hawking luxury living.’  

We have calculated that over 7,000 new units have been added to the City of North Van since 2011 – and if you are searching for a new condo, or a rental – you will likely not find one to purchase under $500,000 and a rental under $1800.  That would be for 500 sq.ft.

From: http://www.nsnews.com/opinion/editorial/editorial-what-goes-up-1.23101123

Sasquatch, the Loch Ness Monster and the relationship between housing supply and affordability. It’s an unlikely trio that belongs to the realm of the mythical – at least, that’s the contention of a Kwantlen Polytechnic University professor who crunched 15 years of housing numbers and concluded Metro Vancouver has produced more than enough supply to meet demand. For every 100 new households, Metro Vancouver has built 119 new housing units, John Rose contends.

There will doubtless be sufferers of tower fatigue who will use the study as grounds for opposing every construction project. And it’s true supply has utterly failed to exert any gravity on the North Shore’s astronomical housing market. Over the past decade, benchmark home prices in North Vancouver and West Vancouver have risen 98 and 106 per cent.But even if Rose’s conclusions are correct and we do have enough physical houses, that still doesn’t mean we have an adequate housing supply. That’s largely because we’re burdened with a more than adequate supply of Airbnbs, empty homes, and speculators.

While the foreign buyers tax has helped, we still need senior levels of government to make a simple declaration: if you’re not going to live here then your money’s no good here. We also need our municipal governments to keep a closer eye on developers who walk in the front door preaching affordability and walk out the back door hawking luxury living.

Rose is slated to release his report this Friday. We hope all levels of government will examine it closely because for far too many trades workers, nurses, and teachers, the real myth is an affordable place to live on the North Shore.

 

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2 responses to “What Goes Up …

  1. Around 55 years ago the Federal Gov’t helped to provide subsidies for new rental buildings. The ones that were built are still in use today except they’re burning down or being bought by developers who are clearing the site and building new condo’s. What we need now is another federal subsidy to encourage builders to provide 3 or 4 story rental housing at a reasonable monthly rent. Builders now are not going to offer to build this type of wood frame rental housing when they can make more money building high rises and fancy condos. The program way back when – with the Federal subsidy, could build the same 3 or 4 story rental apartments again today. We could attract the younger people to move here to service the extreme need for more help for the retail trade. Because the way it is now with high rents they are not coming to work on the North Shore which can take up to two hours to get to work and another two hours to get home. Even the Blue buses can’t attract mechanics because of the extended times to get to work and to get home again. Has anybody tried to approach the Federal Gov’t to the subsidy for rental housing at a reasonable rate again>

    • northvancityvoices

      We think the City was including the updating of these buildings as part of their affordable housing strategy. We’ll follow up and try to find out if anything is happening.

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