Dear Editor,
Unless something is done quickly, the dream of home ownership might only be literally that – a dream – for the majority of Richmond residents. Each year, housing shortages cause the price of rent and homeownership to skyrocket, leaving fewer and fewer working class families able to find good, affordable housing, let alone become homeowners. The culprit of the housing crisis is not a lack of housing or overpopulation; rather, it is the nefarious, unchecked happenings that our government has not only allowed, but in many cases facilitated – foreign speculation, money laundering, and shadow flipping.
Right now, it is estimated that developers sell between 40 and 50 percent of their pre-sale products offshore before any locals even have a chance to buy in. From there, the property is sold one, two, three, or more times, with each transaction driving up the price higher and higher. By the time we locals get a chance to buy in, the price has been elevated to a point where we cannot afford it. Meanwhile, the properties sit vacant, further driving up housing costs, as he waits for housing prices to keep rising.
The solution to the problem is simple: we need a locals-first housing policy. Already, such a policy has been discussed in West Vancouver, Vancouver, and other parts of the nation. This would prevent pre-sale marketing of condominiums to foreign buyers and speculation from investors outside of B.C.
In addition, our elected officials should take the necessary steps to close loopholes and increase taxes on speculators who do not work or live in British Columbia.
Sadly, they have taken none of these steps and, instead, have turned a blind eye to our struggles. Perhaps, it is time for our city council to implement a locals-first pre-sales housing policy, but that would require – real – leadership.
Ultimately, all three levels of government need to work together to ensure citizens are afforded an opportunity to own a home in their communities.
Jack Travato
RICHMOND
