Unaffordable housing is Vancouver’s secret brand, dressed up for lattes in cuddly green amenities. It’s killing our economy (outside the ruling real estate industry), driving away young people, breaking up families and making the city less attractive for working people without an inheritance, a previous investment in real estate or a mysterious source of cash income. – Peter Ladner, BC Business
One source of “mysterious income” that people allude to, much like Ladner does above is – let’s be frank – drugs. We’ve discussed one elephant in the room on this site – i.e. foreign investment – but I think there may be two of these massive mammals at the real estate party that we should consider.
It doesn’t take a Sherlock Holmes to see how much illegal activity is taking place in our city. Money laundering, drug importing and selling, gang activity etc. Does this have an effect on housing affordability in our city…absolutely. Regular, middle-income folks scratch their heads and wonder who these people are that can afford $1.5-2 million dollar houses, never mind the $3 million plus that are getting scooped up in a neighbourhood near you. Where is the money coming from? You tell me.
What are your thoughts? What are the “mysterious sources of income” that are allowing certain people to afford the insane housing prices in Vancouver?