Quote:
Originally Posted by VancouverOfTheFuture
foreign real-estate investment from China hasn't done anything except drive prices up, increase the vacancy rate, and decease the urban canopy ~3% in ~20 years.
yes, sure, construction is great. but no one can afford to buy those places with either acquiring lots of debt, moving from a place they bought many years ago, or rich Chinese people.
tech firms is new and has nothing to do with local politicians. but with the cost of rents going up so much firms are moving to other places and local "mom and pop" shops are closing down. Robsonstrasse is really no more.
so we get a lot of cheaply made, over priced glass boxes, and not enough of them because of government policies. and the demand for them keeps going up due to government lack of policies.
now interest rates are going up at a time when house hold debt is so high due to the housing market being over inflated. that isn't a good recipe for people.
|
I generally agree with what you say above (e.g. foreign investors helping to drive up local house prices etc.) except for the point about the government being at fault for not "growing the local economy". If I'm not mistaken Christy Clark's administration has been aggressively pro-business,...not sure if any other administration could be more right wing in their "selfish"/pro-wealthy economic policies.
Further, I question the rationality of your assertion that cheaply made/overpriced glass boxes are the construction result of government policies and NOT capitalist private sector (profit) mantras and attendant (real estate) market forces!
Finally, provincial government policies in B.C. over the last 16 years of right-wing (Liberal) governance have been capitalistic, not socialistic so blame related market-based public sector economic strategies, and not just "government" (itself) per se!