In Luby Kletas’ blog post, Vancouver’s Expensive Real Estate, she analyzes the causes of Vancouver’s unaffordable housing market and the effects of this on local Vancouverites. I agree with the stated causes and especially with high immigration as this is a phenomenon that is also happening in London, Sydney, and Hong Kong.

The primary cause of this affliction is the high influx of wealthy immigrants who invest on the real estate and thus, inflate the local housing market. However, the decision-makers of Vancouver are not exempt from blame as there is a great need to discuss this issue and what can be done about it. One reason why this topic is generally avoided in political discussions is the use of the word racism to divert attention from the significance of the issue. There are those who argue that by discussing the increase of immigrants and their effect on the housing market, politicians are discriminating and marginalizing the minority group by further drawing attention to the detrimental effects of their arrival.

I do not agree with this sentiment and believe that action from the local government should be enacted quickly and drastically. One way that other cities have tackled a similar issue is by enforcing a tax on properties that are not lived in to prevent investors from simply buying the property and to encourage locals who have a need for the house to have the opportunity to live in it.

References:

http://blogs.vancouversun.com/2014/06/27/why-vancouver-housing-is-unaffordable-and-what-to-do-about-it/?__federated=1