BC, Vancouver’s province, has legislated the end of single family zoning as of summer this year. Vancouver specifically is allowing up to, if I recall correctly, 6 units per lot. BC is also giving a forgivable loan to homeowners to build additional units/housing on their lots.
I think it’s a positive step, and aggressive as far as housing policy goes. The local governments are scrambling around infrastructure, transit, and parking issues.
Maybe if they’d started addressing it 10 years ago though it wouldn’t be such a scramble.
Ban corporate ownership of single family home and plexes. If they want to rent something out, they can buy/build appartment complexes. If a corporation is found to dodge the ban through a citizen proxy, crackdown hard. After multiple infractions, seize the home.
Change zoning laws to allow denser housing.
Crackdown hard on short term rental.
Build more public housing. Simple, clean and basic housing.
The issue is not who is buying as much as why is the government not simply increasing the supply to match the demand. Why? Because then it would affect real estate value and those invested in real estate only want to see their invest increase in value. That said, those invested have done a bagger of a job making people think it is immigrants causing the issue. It is not. It is the lack of supply and there is no relief coming as that would mean prices work fall and big money controls the government not the voters.
What makes you think the government has the slightest interest in building any social housing, much less lots of it? What’s the net positive for them?
Just remember that every home and land owner will instantly vote out any government that messes with their nest egg’s value.
You could try and argue there’s more people who want cheap housing than those who already have it but it’s nowhere near enough to keep a government elected.
Built by who, and on what cheap land? It’s not going to be the government, any government even trying that will be voted out instantly so it will never happen because there’s no money for it.
Any private developers will be seeing it as a money making opportunity and price it accordingly.
Just build cheap, public housing and a lot of it and it will bring down the cost of real estate and rent for everyone. Governments know this, but they do not want to impact the high value of real estate as it will impact their chances of winning another election. Canada let in millions of new immigrants which is great and makes the country wonderful overall all, but at the same time the supply of homes has not kept up at all so naturally demand is way up and supply has not really increased. Perfect storm to drive up real estate prices and make the rich richer. The thing is though, it is not sustainable and leads to society collapse if not rectified. Hard to rectify when you are balls deep kissing the wealthy’s asses as they for sure do not want to loose their billions. Canada has put themselves in an impossible position where doing the right thing for the masses,does not make financial sense. It is disgusting and really makes has killed my faith in government.
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