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Real-estate has been fucked up here since 2000, and no one has ever done anything about it. Our condo market was a money market for years. People would pay othe
by nacho2sweet 11y ago
Real-estate has been fucked up here since 2000, and no one has ever done anything about it. Our condo market was a money market for years. People would pay other people to camp out for pre-sales a week in advance in tents and a new development would be sold out opening day. It would be flipped 5 times before it was even built.
The "affordable housing" initiatives here mostly seem to be for homeless people or those on fixed incomes. There is a big resentment from middle class or the "working poor" here now. But young people don't vote or they vote on social issues that seem nice when they are 20 but not on something that is going to effect them when they are 28-40. People who own houses love it but know it is fucked up. My mom is an example basically, and just banked her retirement selling her downtown condo. Lots of you are talking about tech wages because that effects you, but I have lots of friends that grew up that are in the 40k-50k range that would at least like a shitty condo in east van. I wish we could go back to 10 years ago about DINKWAD jokes, but the Double Income No Kids With a Dogs can't even afford detached houses here anymore. It's $2-million for a tear down crack shack. It is fucking crazy. $2-million is a lot of money. $2-million used to be a beautiful water view mansion, and not that long ago.
Everyone should read this article as well: http://www.theglobeandmail.com/news/investigations/the-real-estate-technique-fuelling-vancouvers-housing-market/article28634868/ http://www.theglobeandmail.com/news/investigations/the-real-...
This is just one shady fucked up thing they know about. There is so much more to it. I really wish the Frontline about shady money laundering didn't get canned. http://www.thedailybeast.com/articles/2015/07/06/why-did-frontline-kill-lowell-bergman-s-gambling-documentary.html http://www.thedailybeast.com/articles/2015/07/06/why-did-fro...
At the same time we keep saying the "Chinese money laundering!" yea it is illegal to them. But we also don't live under laws that only allow us to move $50k a year out of the country. We have to imagine living under that ourselves I guess.