3 ms·

> Foreign investors would be buying mansions that locals couldn't afford anyways. If nobody is around to buy that mansion, it would eventually be sold to a dev

> Foreign investors would be buying mansions that locals couldn't afford anyways. If nobody is around to buy that mansion, it would eventually be sold to a developer who either turns it into apartments, or tears it down and builds an apartment building there. I've seen this happen numerous times in my neighborhood. Also 20% is huge.

manquer 5y ago
If the zoning laws allowed that yes, Vancouver(similar problems in CA) doesn’t want to rezone , so not lot of supply. It is immaterial what rich domestic or international buyers do as their class of property doesn’t change supply of the property you and I can buy. Same with commercial property no difference to us [1] zoning makes each class of property non fungible between other classes , it is like price gold doesn’t much have impact on say price of diamonds. Rezoning benefits the economy and improves the wealth of everyone, even if NIMBYs don’t see it, however it will affect the quality of life of people who don’t want to live in “cities” proper but want the sweet spot where enough density enables them to have niceties of civilization like say neighborhood coffee shops , good schools , hospitals, art /culture/social activists without all the negativities of large cities like homelessness/high crime / poor noise /environment/pollution etc. There is a racist angle too typically people of color, immigrants and any economically disadvantaged groups will not be able to afford to live in these neighborhoods . [1] not strictly true for commercial as it can impact demand even if supply is not impacted , i.e. a new big office building is going to draw a lot of workers want to live near by competing for the same housing .
- robonerd 5y ago
  If Seattle can get mansions converted/replaced into apartments, I think Vancouver should be able to as well. They're not exactly worlds apart culturally.

manquer 5y ago

If the zoning laws allowed that yes, Vancouver(similar problems in CA) doesn’t want to rezone , so not lot of supply. It is immaterial what rich domestic or international buyers do as their class of property doesn’t change supply of the property you and I can buy. Same with commercial property no difference to us [1] zoning makes each class of property non fungible between other classes , it is like price gold doesn’t much have impact on say price of diamonds. Rezoning benefits the economy and improves the wealth of everyone, even if NIMBYs don’t see it, however it will affect the quality of life of people who don’t want to live in “cities” proper but want the sweet spot where enough density enables them to have niceties of civilization like say neighborhood coffee shops , good schools , hospitals, art /culture/social activists without all the negativities of large cities like homelessness/high crime / poor noise /environment/pollution etc. There is a racist angle too typically people of color, immigrants and any economically disadvantaged groups will not be able to afford to live in these neighborhoods . [1] not strictly true for commercial as it can impact demand even if supply is not impacted , i.e. a new big office building is going to draw a lot of workers want to live near by competing for the same housing .

robonerd 5y ago
If Seattle can get mansions converted/replaced into apartments, I think Vancouver should be able to as well. They're not exactly worlds apart culturally.