There was an interesting exchange yesterday in the BC Legislature between John Horgan and Christy Clark regarding the Vancouver housing market.
Mr. Horgan asked Clark several times to give her thoughts about, and plans to deal with the severe affordability problem. After several rounds of “we’re working on it, stay tuned”, Clark finally gave the following response.
The member asks: what about others, particularly Vancouverites, who are faced with this? I’ve given him my answer to that, but I will also say that affordability in the city of Vancouver is a major issue that we need to address. We need to attack it from a number of different fronts. We do need to be careful as we attack the issue, though, that we don’t go about reducing the equity that people have in their homes already. We need to make sure that the solutions we find for affordability across the board, particularly in Vancouver, aren’t ones that have unintended consequences that end up robbing people of equity that they’ve built up over the years.
This is not the first time Christy Clark has expressed a desire to see improved affordability in Vancouver — but without the “unintended consequences” of lower prices. I’m not sure why it’s so hard for her to understand that lower prices are the only real solution to the current problem.
On the other hand, if she somehow comes up with a way to lower housing prices without lowering housing prices, the Nobel Prize committee would probably be very interested in hearing about it.