zachem62 t1_iqzfv58 wrote on October 4, 2022 at 5:54 AM

Reply to comment by Hari___Seldon in Flipping tax proposal 'really scary,' says B.C. MLA who bought and sold 3 homes in 4 years by RidePlanet

This proposal is primarily targeted at Vancouver and its surrounding regions, which have one of the most unaffordable housing markets in the world. Imagine a scenario where you have Mississippi wages with San Francisco real estate prices. That's the situation Vancouver has been in for a while now. The speculation is so out of control that a lot of investors don't even have to renovate and can still turn a big profit by flipping a property in less than 2 years. And those who do renovations or tear-down for new construction reap profits that are substantially higher than that, to the point where real estate transactions are now the primary component of GDP. This insanity has been going on for a while in Vancouver and this is the first time there's been a proposal to tackle the issue head-on.

Sharkbits t1_iqznfh0 wrote on October 4, 2022 at 7:36 AM

Yeah, living here kinda sucks. I’m only in university, and I realise that in all likelihood, I will never own a house here, or hell, even own an apartment. It’s kinda depressing that if I ever really want to strike out on my own it will mean abandoning the city I grew ip in.

zachem62 t1_iqzqozr wrote on October 4, 2022 at 8:25 AM

If the status quo continues, you're right. But this, among other proposals that David Eby has included in his housing policy are a big step in the right direction, even though they don't go far enough IMO.

But the biggest impediment here are the city councils that decide the zoning. The current system is made to restrict supply to artificially inflate the price of houses to benefit investors and existing homeowners. The only way to change this is to make sure you vote in the upcoming municipal elections for candidates that support making housing affordable.