Every day I walk through the streets of Metro Vancouver, I see the growing number of empty condos, a stark reminder of our city's housing crisis. Yet, what surprises me more is the government's proposal to spend up to $3 billion of our public funds to buy these vacant units. Prime Minister Mark Carney and Premier David Eby’s plan to purchase unsold and overpriced condo units is not a solution to affordable housing; it's a bailout for developers who have made poor business decisions.

Metro Vancouver's condo market is flooded with over 4,000 completed condos, which have been sitting vacant. In just the past year, the number of empty units has surged by an astounding 76%. Shockingly, a third of these are priced over a million dollars, far out of reach for the average resident looking for a home.

The reason they're empty isn't bad luck. It's the result of overbuilding and pricing beyond the reach of our current market. Developers overestimated demand and set prices that alienated potential buyers. Now, instead of facing the necessary market corrections, they’re seeking refuge in government funds. The option proposed by government officials would effectively remove the competitive pressure that compels developers to lower prices, which is the very mechanism that could make these units accessible to more buyers and renters.

If government officials go through with this plan, it poses a significant risk of taxpayers bearing the brunt of overpriced assets — assets that, under normal market conditions, would have seen a price drop. The bailout approach undermines the market's ability to correct itself and shifts the burden to everyday citizens and taxpayers who deserve better.

Our community needs genuine affordable housing solutions that do not inflate our real estate market artificially, nor fill the coffers of developers who are unwilling to adjust their business strategies. Instead, developers should be forced to either reduce their prices, accept their losses, or restructure their projects in ways that address the real needs of the local housing market.

I urge you, fellow citizens, to join me in opposing this misuse of public funds. Let’s advocate for smarter housing policies that benefit us all, not just a select few. Stand with me in demanding accountability and fiscal responsibility. Sign this petition to stop this unnecessary bailout and push for true affordable housing policies in Metro Vancouver.