Build more high-density or mid-density rental housing.
In Vancouver, condo towers are coming up like weeds, but it's not reducing the cost of living for anyone. People who already have money buy those condos, they rent them out at high prices so they can pay their mortgage, people have to rent them because there's nowhere else because literally no one is building rental housing, and so rents go up.
Rents go up, so property values go up because there's so much money in them, so people build more condo towers, and the cycle repeats.
The problem is that we have hundreds or thousands of speculators who got in early and have the real-estate wealth to leverage to purchase more real estate, but they're in it to make a short-term profit. They don't have the capital to set prices for the long-term, so they have to rent things out at pretty high prices.
Meanwhile, if we had purpose-built rental, you'd be looking at one building, one landlord, one set of rents, and a business with a long-term view rather than real estate speculators who are just holding onto a condo as long as they can before they can cash it out and retire (or leverage it to buy more).
In Vancouver, condo towers are coming up like weeds, but it's not reducing the cost of living for anyone. People who already have money buy those condos, they rent them out at high prices so they can pay their mortgage, people have to rent them because there's nowhere else because literally no one is building rental housing, and so rents go up.
Rents go up, so property values go up because there's so much money in them, so people build more condo towers, and the cycle repeats.
The problem is that we have hundreds or thousands of speculators who got in early and have the real-estate wealth to leverage to purchase more real estate, but they're in it to make a short-term profit. They don't have the capital to set prices for the long-term, so they have to rent things out at pretty high prices.
Meanwhile, if we had purpose-built rental, you'd be looking at one building, one landlord, one set of rents, and a business with a long-term view rather than real estate speculators who are just holding onto a condo as long as they can before they can cash it out and retire (or leverage it to buy more).
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