Dear Editor,
Re: “New condos snapped up by foreigners,” News, Dec. 22.
The housing market has become a money market.
Too much real estate is bought not to provide shelter but to create a bigger bank account thus squeezing out those needing a house to make a home.
The answer to affordable housing is not banning foreigners, but banning all investors and speculators, whether foreign or domestic. The answer is to take undue profit out the housing market. The housing market must be regulated.
We accept government intervention in the rental market, why not in home ownership? The energy to heat and light our homes is regulated, as is water, the internet, radio, TV, telephone, butter, milk and cheese.
Why not the house itself?
Do we believe that the right to a decent, affordable home is part of what it means to be human? We recognize that everyone has a right to basic education, adequate healthcare and support during senior years. Why not decent affordable housing?
Child labour laws, the eight hour workday, worker safety rules came about when we chose to put people ahead of profits. Lack of affordability exists because someone profits from it. We give people the right to make as much money as possible on housing.
But in certain markets, that right for some denies the right to affordable shelter for others. In those places, it is time to limit the right to profit to protect people.
Justice demands it.
Nick Loenen
RICHMOND
