From another devastating analysis of the insane housing scene in Vancouver by the Globe and Mail’s Kerry Gold:
(Development consultant Richard Wozny has) studied the situation and has come to several conclusions: that more supply is nothing but fuel for the unaffordability crisis; that house values that are wildly disproportionate to incomes indicate a high level of tax evasion; that government is failing to institute fair tax regulation to ensure infrastructure needs are met; and that all this “growth” is simply not paying for itself.
The result is that a basic necessity – housing – has become a low-risk profit-making tool.
“What would we think of someone who hoarded food? Why is real estate any different?” asks Mr. Wozny.