[Halifax] Richmond Yards | 103-47-41-40-32 m | 31-13-12-10-8 fl | U/C

[miniborder]

Originally Posted by Keith P.

Better screenshot those pretty fast. I can't see retail here doing very well except for residents who might patronize those businesses.

I, like others, have faith that the retail will do just fine. The explosion in residents in the immediate area obviously helps but there's tons of affluent folks living downtown/deep south end that will frequent these spots regularly.

Fisherman's Market is going to be the biggest draw for me, and in good weather I'll eventually be able to skip hopping in the car in favour of hopping on the bike.

In fact, going to Fisherman's Market in Bedford for my weekly seafood run is probably the second last thing in my regular routine that requires me leaving the peninsula (the other being golf) and the third last thing that requires my vehicle (golf + hockey). Crazy to think that Halifax is able to deliver this ultimate urbanite experience!

[ArchAficionado]

Originally Posted by someone123

This is one theory, but I wonder how true this is in practice in Halifax. It's not obvious that it's how things normally go or the only way they can go.

In Halifax, some percent of people own their home, and they got a big financial boost from the run-up in property values. There's also significant public housing (e.g., Uniacke Square) and that hasn't gone anywhere. I'd guess that locals, if not displaced, tend to do better economically with more local employment options and businesses.

It's true that some private renters have gotten a raw deal lately, but helping them requires bringing apartment prices down which means more supply. Today's expensive apartment building will be tomorrow's affordable housing.

I'm skeptical of the idea that swathes of Halifax are so high-end that they have nothing to offer anyone but the wealthy. Likewise I'm skeptical of "poor" as an identity; people can become poor or become better off, and economic growth provides opportunity that can lift people out of poverty. I think Halifax is better opportunity-wise now than it was 30 years ago, although housing affordability is worse.

The biggest thing holding back economic mobility in Halifax, and Nova Scotia more broadly, is the absurdly high taxes on lower-middle and middle class income earners ($50-120k income earners). Someone has to earn a well above median income to even consider meaningfully saving in this economy.

[HfxGuy]

Originally Posted by Drybrain

Agreed, it doesn't have great street presence from Almon at all. It's better when you're in the internal street layout. It's still not spectacular or anything, but it's functional, with nice finishing materials and above-average design touches (for here).

It’s interesting they didn’t put more prominent commercial spaces on almon but I do like the feel of walking through the courtyards to different shops. I think the robie street side will eventually have more of a street presence once it’s done and robie street widening is complete.

[kzt79]

Originally Posted by ArchAficionado

The biggest thing holding back economic mobility in Halifax, and Nova Scotia more broadly, is the absurdly high taxes on lower-middle and middle class income earners ($50-120k income earners). Someone has to earn a well above median income to even consider meaningfully saving in this economy.

Fully agree income taxes and indeed our overall tax burden are absolutely crippling. Anyone making remotely significant money is being taxed near or at the highest of any province or state. The situation gets even uglier when you look at what we (don't) receive in return for our very high taxes.

Social media is filled with howls to "tax the rich." When people hear "1%" they almost invariably picture a jet set life of mansions and luxury that MIGHT be approximated by the 0.01% in reality. Who is rich? For many the answer seems to be "anyone with a little more than me." As it is, the bottom 50% pay nothing on a net basis.

The 1% is largely your busy doctor, successful lawyer, electrician who owns her small business etc. These people are paying over 50% on their next dollar of earned income, and it has real world implications on motivation etc. Why bust your ass seeing another patient, taking another case or job? It's frankly surprising we have some of the professionals that we do.

There's a limit to how progressive taxation can or should be and IMO Nova Scotia is potentially beyond that point.

[someone123]

Originally Posted by ArchAficionado

The biggest thing holding back economic mobility in Halifax, and Nova Scotia more broadly, is the absurdly high taxes on lower-middle and middle class income earners ($50-120k income earners). Someone has to earn a well above median income to even consider meaningfully saving in this economy.

I agree. Canada has this problem in general but it's especially pronounced in NS. If you're a lower middle class earner you have a somewhat high burden, and if you earn a good wage you're absolutely hammered with taxes. The high taxes hit when somebody may have limited wealth and a middle class lifestyle at best. Wealth is generally taxed very lightly, so if you're a rich inheritor, or an owner of a real estate portfolio, or company, you may pay much lower taxes than say a doctor.

With policies like the high income taxes and real estate cap and so on NS encourages people to move away during their peak earning years and then come back to retire. I'm not even sure the policies are always good for the people they are supposed to help, like property owning seniors who effectively get stuck in properties and suffer from doctor shortages and so on.

Originally Posted by kzt79

The 1% is largely your busy doctor, successful lawyer, electrician who owns her small business etc. These people are paying over 50% on their next dollar of earned income, and it has real world implications on motivation etc.

This is very true. A marginal rate above 50% becomes a big disincentive for somebody at the peak of their career to continue working. If you are a 50 year old surgeon with millions saved, why not just retire if you're paid 45% net? And it's dubious that they're not "pulling their weight" or should be leaned on more heavily if taxes need to be raised. Meanwhile here in Vancouver we had people flipping mansions, making millions, and paying $0 or so. Or business owners using a lot more loopholes and paying effectively much lower rates on the same income level.

[kzt79]

People are people and human nature is constant. People (as broad groups) respond to incentives. Impose heavy taxes on income? You get less income. I don't see how there can be any question that our heavy (provincial and national) tax burden and corresponding government bloat and waste must be significant factors in our country's transition from a top 5 richest with THE richest middle class in the world only a few decades ago to a middling country rapidly falling behind more and more developed economies today. A lot of people's eyes glaze over at any discussion or mention of economic data but we see the real world implications very clearly with our own eyes, especially those of us who remember enjoying a totally normal unremarkable middle class childhood that today would require a top 5% or higher income to replicate.

[someone123]

Originally Posted by kzt79

A lot of people's eyes glaze over at any discussion or mention of economic data but we see the real world implications very clearly with our own eyes, especially those of us who remember enjoying a totally normal unremarkable middle class childhood that today would require a top 5% or higher income to replicate.

I remember thinking that Canadians would be shocked to see a few years of decline but then we ended up with a lost economic decade and there hasn't been much admission of anything going wrong. You see the lack of accountability with the feds doing a 180 from gaslighting about there being no market for LNG and fossil fuels. I think, basically, the bulk of Canadian politics has been a failure in recent years. The critical stuff has been mishandled and a bunch of other fixations (like never-ending identity politics shifting to ever more nebulous complaints) are not actually helping even their supposed constituencies.

It's really hard because our culture is so messed up and influenced by social media algorithms and the USA. Many people are in algorithmic bubbles totally detached from politics that actually matter to their lives.