A controversial proposal has incited new debate about the causes of Vancouver's skyrocketing housing prices. Potential solutions depend on an accurate diagnosis.
The debate over foreign ownership of real estate is heating up in Vancouver, after B.C. Greens leader Andrew Weaver called for the city to limit property ownership to Canadian residents.
The CBC News broke the news about Weaver's proposal on January 9, noting that Weaver is following the model provided by New Zealand. "B.C. Finance Minister Carole James says the government is looking at different options to cool the housing market but a ban on foreign investors isn't one of them," according to the article.
Clare Hennig writes a follow up article, focusing mostly on the case against real estate protectionism. "Nathan Lauster, an associate professor of sociology at UBC and a blogger on city issues, says banning foreign investment misses the larger issue of local real estate speculation," writes Hennig.
Recent news picked up Planetizen on the subject of Vancouver's housing market, and the policies crafted in response, would seem to support the words of both James and Lauster. In December 2017, the city released a major housing policy package that focuses on the rental market for solutions. In November, market analysis showed that a 2016 law taxing foreign real estate buyers had not managed to reduce housing prices in the city.
FULL STORY: It's 'really problematic' to blame foreigners for housing crisis, says UBC sociologist
Luxury Condos for Sale in Vancouver as Non-Resident Owners Balk at New Taxes
A tax on non-resident property owners is working as it's intended, as a wave of luxury condo units hit the real estate market all over the city of Vancouver.
Analysis: Vancouver Housing Affordability Worsens Despite Foreign Buyer Tax
The trends in the Vancouver housing market have reverted back to normal, after a foreign buyers tax that went into effect in 2016 had an initial effect on parts of the market.
Fast-Rising Rents: Cause or Effect of Institutional Real Estate Investors?
More media attention for the growing influence of large, institutional investors on the housing market.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?
As Canada votes for a new Prime Minister, what can America learn from the leading liberal candidate of its neighbor to the north?
Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing
A law that limits how much parking cities can require for residential amd commercial developments could lead to a construction boom.
Wildlife Rebounds After the Eaton Fire
Following the devastation of the Eaton Fire, the return of wildlife and the regrowth of native plants are offering powerful signs of resilience and renewal.
LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
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