Quote:
Originally Posted by iEatClams
People are in an uproar cause it's causing a trickle down effect. High housing prices can cause many social and economical problems - talent moving out, businesses moving out, lack of community, risks of crash and economic downturn, debt issues . . . we've discussed it plenty in this thread.
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Your comment right here reminds me of the addition/removal of the HST a few years back. You may recall having HST will save local businesses (small and large) money in the long run. Of course, the more small businesses flourish, the better our economy is. However, no matter the pros of having the HST, most of the voting population did not like this and was voted out.
Same with foreign buyers of real estate properties. Foreign buyers (mostly the Chinese) boosted up the demand in our market. Who benefits from this ? Pretty all of the folks who have been homeowners in Vancouver > 15 years. they became instant millionaires on paper at least. The American dream in Canada. They saved up, worked their way to upper middle class, and now has a nice cushy retirement.
That's a lot of votes. Mostly adults who show up at the voting poll. I'm not sure any incumbent will want to displease this group of voters.