Are The Olympics Truly Beneficial to Cities?
Less than half of the housing built for the 2010 Winter Olympics is currently occupied, triggering some concern by Vancouver officials.
"Cities around the world have encountered difficulties transforming athletes' villages into permanent housing, said Peter Wall, a co-founder of Wall Financial, which is building a 550-unit condo development across the street from the Olympic Village. Nevertheless, Mr. Wall said, development was 'so easy to do' in Vancouver, a fast-growing city of about 600,000 noted for its urban planning expertise and relatively stable real estate values.
Last week the city began a fresh effort to sell off the remaining condos, rebranding the cluster of 16 midrise buildings that once housed elite athletes as the Village on False Creek - a reference to the inlet bordering the development - and slashing prices by an average of 30 percent."