The author of a study released Wednesday says all three levels of government need to act quickly in order to stop the so-called housing affordability crisis from widening the gap between rich and poor in Metro Vancouver.
The study, published by the Canadian Centre for Policy Alternatives, calls for funding for at least 5,000 units of social housing per year, higher taxes for foreign investors to discourage the practice, and a progressive property tax system where those with more expensive real estate pay a higher percentage.
Without these measures, gaining from a hot real estate market like Metro Vancouver’s is like winning the lottery, says Marc Lee, the study’s author.
