Vancouver Rental Market Discussion

chowhou · #10 Posted **Sep 8, 2022, 12:13 AM**

Quote:

Originally Posted by GenWhy?

Appreciate the thorough response. From my perspective I honestly think #1 is a good thing and a move in the right-ing the ship's course.
#2 has shown to not be true over the last decade.
#3 I feel this is a minor problem with rental (very complex that extends into zoning itself), but I see this more of an issue with SF homes and I'd rather the collective tackle that first than be distracted by loosening rent increases.

#1 is not a good thing. There will always be people who want/need rentals. Not everyone wants to settle down locked into a $1m mortgage on a 2br apartment for the next 30 years. Some people prefer to have liquid investments so they can easily uproot and move elsewhere. Bear in mind not everyone is already living in Vancouver, there are plenty of people who grew up in the interior and don't want to settle down there. They should have rental stock in their community, and places to land in the Lower Mainland if they so choose.

#2 is hard to prove, given how restrictive housing policy is in the first place. I think it's fair to say that we all know there would be way more housing starts if municipal governments simply allowed it. Either way, it has absolutely not been shown to be false. Here's at least one analysis of housing starts in California after the lifting of their rent control laws.

#3 is a known factor. I don't disagree that it's the case for SFH, I think it's pretty rare for someone to get into that state in Vancouver without the landlord selling to a willing buyer, but grandma shouldn't be renting a Vancouver Special that a family could live in, sorry. It hurts our workforce too, someone living and working in Victoria who might be able to get a great job with a +20% pay bump will be disincentivized to move to the Lower Mainland if their rent is artificially subsidized but only if they stay put.

You know what solves all of these issues without the negative externalities? Building more housing. Band aid solutions are not real solutions. Bring on the real solutions. Legalize housing.