Be careful what you wish for. The only type of housing they are building is not white picket fenced backyard with a shed that is being converted to homes but high/low rise apartments primarily for rental, a hotbed for crime.
Since David Eby overrode the strata no-rental rules, while not responsible it resulted in huge increase in cases of squatters, petty theft, drug labs and brothels. This does not include what a retired VPD officer describes as an "Amazon of drug labs and brothels" which is familiar to vancouver high rise but now its even easier for criminals. Vice reporters were even reporting on it years ago but now these cases are accelerating since Eby stepped in a populist spirit.
I'm all for alleviating housing situation but we need to stop and ask if those people who are demanding/feel entitled to it really have the necessary income to justify it. Often I see people making 60k CAD/year lamenting how they can't find a home to live in. You can't afford anything in developed urban centres except in emerging economies.
So I think rather than building more housing we need to ask who really has merit to be here and the biggest determining factor is income not how long you lived in Vancouver like certain demographic of locals are suggesting which is basically dogwhistling to say the market forces should not apply to them because of their skin colour.
Simply blaming this on local housing policy failure like reddit does when housing prices has been appreciating all over the world, not just Vancouver, is myopic. There are cities that are far more dense than vancouver and has even more ridiculous real estate prices. They love Vancouver and the blue collar Canadian workers that bought their homes after 6 month of work in the 70s, 80s are not desperate to sell as they have nowhere else to go.
Lot of people are being setup for major disappointments if they think vancouver home prices are coming back down to 2012 prices. There is simply no way to force homeowners to sell when they have no urgency or financial stress to do so. over 50% of homeowners in Vancouver do not have mortgages.
David Eby has been premier since October 2022, strata property act happened soon after in November. Maybe, just maybe, the squatters, petty theft, drug labs and brothels aren't a result of the strata changes. Certainly not the ones that Vice reporters reported on years ago.
It's funny how the people who sling this as an insult so often have a literal deed/title and are pursuing policy that pumps its value to the detriment of others.
In general, housing policy affects supply, and market forces decide the prices. Notably increasing supply doesn't always lower prices as demand is elastic.
The political system does not strive for affordability, it strives to make housing a good investment. Unaffordability is just the inevitable consequence.
The hukou system also can't help - you can stop immigration to an expensive city but presumably you also stop emigration to a cheaper one.
Instead what you should be describing is a inverse colonialism in the West where NIMBYs are the benefactors treating everybody like serfs. Those NIMBYs were blue collar workers in the 70s, 80s who bought when homes cost next to nothing, and now oppressing everybody.
Be careful when you throw around accusations of racism just because somebody has a different view that you can't even offer a rebuttal on. I take it you didn't even read about my sliding income rental proposal in the other comment.
I know this because you logged in after 3 months just to write some half assed comment without offering anything insightful. This is why there is so much stagnation, people like you simply brush off anything they don't understand (because they can't even pay attention if its not a short video format) as racism.
I lived there for 2 years, and a local tech salary was barely enough to afford living in downtown/near downtown renting an apartment.
Building more supply when you have inelastic demand is unrealistic and will do nothing to the price. As I've said it is the banking relationships of those multimillion dollar homes that is fueling this speculative bubble from locals + foreigners. The only way to attack this problem is to start from the root. Banks are incentivized to give HELOC because many Canadian retirees are relying on it for their livelihood and why would banks kick their own bee hive.
If you lived here for 2 years then you would know where False Creek is and why building 20,000 units around one of the most expensive area is NOT going to result in trickle down effect like most are claiming.
I'm suggesting rental controls that is on a sliding scale based on income NOT based on how long you lived in Vancouver which is what a certain political elements are trying to pull.
If somebody is making 60k/year they are not going to own homes period and its irresponsible to give them that insane leverage without auditing. Somebody making 600k/year should own homes because the sliding scale model would make their rental expensive.
Your other point conflating low income as criminals is another attempt to shove words in my mouth. I said these rental units attract criminal elements not that poor people are committing crimes (as you wrongfully assumed). If you lived here you would know these are kids from upper middle class joining gangs and becoming drug dealers. I don't have an answer to why that is. Could be the result of pluralnational dynamics creating isolated disenfranchised second gen.
If you wish to have a worthy discussion that will yield new insights I'm all ears but so far all I've seen people attacking me, they are purposefully infatuated with their own fixed (incorrect) workings of supply & demand (elastic) to a highly inelastic demand market.
Listen my neighbour just died. He was a struggling renter. I'm deeply saddened by this and everybody struggling. I know its even harder to leave behind what's familiar but it's not going to get better but the longer you stay in a financially strapped situation and waiting for a bailout from the government the more you suffer. This is why I'm telling people to forget about this miserable city and look elsewhere as I am.
The Canadian government is taking 60% of my income. Why isn't it being used to alleviate this situation?! My sadness is turning into anger and disappointment.
The top tax bracket is 33% in Canada. You should fire whoever's doing your taxes.
The problem is blue collar people, which is a new one to me.