LOL, it’s not that the rich in Vancouver are rich enough now the Government is stepping in to make them even richer. New laws are being put in place to allow Social Units to be built in new downtown Condo developments. The Law states that low income workers with incomes of up to 104,000 dollars are allowed to qualify. Single people are allowed 70,000 dollars.
I don’t know about you but I don’t think I ever made that kind of money in my life. Maybe in a good years I came close. These units are aimed and targeted for well off households. Come on. What does a poor homeless welfare guy get these days a year. Do you think it could be a little bit lower than these higher earners are pulling in. Who doesn’t want to live by the beach with a pocket full of cash.
Rent verses own
Owning in downtown Vancouver is for the rich. Let’s face it. A cheap condo down in the core by the beach is going to cost you a million. Not many have half a mill to put down on one of these condos so renting is your next best option to keep the high paid workers . You have to have this new migrant professional class near the jobs. If you don’t they will be off and running to greener pastures fast.
The new wave of millennial’s flowing onto the worlds market tech scene don’t want to buy anyway. Staying gypsy is key to their careers. Packing up in a moments notice and starting a higher paid job in a new city the next day or week is a common occurrence. Owning in the downtown core is more for the older investor or rich down sizer seeking a luxurious life style.
What about the Poor
Every great society since Solomon is judged by how they took care of the poor and the elderly. Here is a little idea about what is going on in Vancouver regarding this issue. In one year alone the homeless population has exploded and there is no end in site. It is a huge problem that no one knows how to deal with.
The latest NDP government is promising to deal with the housing situation for the poor and elderly. Progress is being make but from the evidence it looks slow in coming. Meantime more and more low income workers are being pushed more to the brink. It is all fine and well to build multi million condos for the rich. After all isn’t that progress? In my opinion it is also a priority to take care of our poor, sick and elderly. Not everyone one is rich.