Petition updateRestrict Foreign Investment in Greater Vancouver's Residential Real Estate MarketPoliticians Respond, but Offer No Solutions
JW GamalCanada
May 18, 2015
In her recent response to this petition, Premier Clark clarified her position on foreign investment in Greater Vancouver residential real estate: she favours the status quo. Premier Clark seemed to side with current homeowners, suggesting that curbing foreign investment would decrease the value of their property, and diminish homeowners' ability to use their home equity as leverage for further investment.
But this is not the story I am hearing from local homeowners. Many homeowners are upset to see fellow citizens priced out of their own city. They are upset by the damage done to our local economy and society when talented people are forced to leave their families and hometown in search of more affordable housing. Many are also parents, and despite the growing value of their own property, they are angry that their children will have less opportunity than they had. It is the youngest generation of Vancouverites who are hurt the most by the current housing crisis. For these reasons, attempts to set current homeowners against renters will fail.
Some commenters have pointed out that this petition does not suggest specific legislation for improving our housing situation. I agree, and would add that it was never intended to. I, like most Vancouver residents, am not an expert on real estate market regulations—for specific proposals, I defer to those who are. I see this petition as a platform for Vancouverites to come together and express their disappointment with the current lack of regulation. It is clear that if we do not put more pressure on our politicians, they will continue to hide their heads in the sand, and serve special interest groups at the expense of the larger community. This petition is about forcing our politicians into a serious conversation.
Finally, it has been argued that foreign investment is not the only factor contributing to our disastrous housing market, and that focusing on foreign investment may facilitate racism. Again, I agree entirely. There are many factors affecting the housing market, but we cannot allow our politicians to pretend that foreign investment is irrelevant. This is a difficult conversation to have, but it is a necessary one. The world does not need more bigotry or hatred. The Canada I know and love is a multicultural one, and I sincerely hope it stays that way. And so, if you are attracted to this petition out of racist sentiment, I would ask you to not sign. Let's keep this conversation civil, and remain a society that is welcoming and respectful to new Canadians and to people around the globe. Remember, many new immigrants are just as squeezed by the housing market as long time residents, and are just as willing to consider measures such as curbing investment by non-residents. This is the path taken by municipal and national governments in Australia, Beijing, and Singapore, to name a few. The average Vancouverite is facing the same challenges as people in these countries and cities—we have more in common than we think. For these reasons, attempts to smear this petition as anti-immigration or xenophobic will also fail.
So far, the petition has at least won a small victory—we have finally forced our politicians at all levels to publicly acknowledge the question of foreign investment in our housing market. Disappointingly, none of these politicians have offered concrete solutions. Opposition parties have also remained conveniently quiet. You may disagree that curbing foreign investment is a viable solution, and you may even be correct. But what is your counter proposal? My closing message to Prime Minister Harper, Premier Clark, Mayor Robertson, and all of our representatives: if you want to earn our votes, then stop hiding from difficult conversations, and show us your concrete proposals for easing our housing crisis.
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