IMHO it needs to be a very aggressive combination of both approaches. Single family homes should be converted to townhouses or apartment blocks in a grand manne

IMHO it needs to be a very aggressive combination of both approaches. Single family homes should be converted to townhouses or apartment blocks in a grand manner and across basically the entire city, until the vacancy situation is brought under control. Ideally, politics would be cut out of the equation by implementing a rule on zoning that automatically adjusts density based on demand. Additionally, developers should be forced to provide rental units when building condos. An indication that something is wrong in Vancouver? The richest people in the city are developers, who have been reaping enormous profits by converting precious density into cash. The city needs to make that density far less precious by greatly increasing its supply - and quickly. Finally, speculation must be targeted provincially with a steep increase in property taxes across the board. Property owners who declare income and pay income tax in the province can have their property tax reduced dollar for dollar down to the original property tax rate. But investors - foreign and local - will have to pay more, making speculation far less profitable.