Vancouver's Housing Supply Myth

[misher]

Originally Posted by whatnext

From today's National Post, we can't build our way out of the problems created by money laundering:

Diane Francis: Money laundering by foreigners is what's really destroying housing affordability in Canada

Current proposals to flood the market with new affordable housing or to lift zoning restrictions won’t resolve anything

Of all the recent legal shenanigans in Ottawa, the failure to plug money laundering loopholes remains the most egregious.

Here’s the problem: Canadian cities rate highly among the most desirable in the world, but also the most unaffordable. Vancouver took the top spot for unaffordability in 2017 based on the gap between low incomes and high prices, according to a global study. Toronto was the 13th most unaffordable — a major obstacle to attracting talent or head offices.

The culprit has been money laundering — by criminals, kleptocrats and tax evaders. Their favourite means of hiding money is real estate. In 2018, Ontario and B.C. imposed a 15 per cent tax on non-resident buyers, resulting in home sales falling around 40 per cent in Vancouver in January compared to the same period last year...

https://business.financialpost.com/d..._autoplay=true

Did money laundering also reduce rental supply to 1% Or is it just home values your referring to?