Ever notice that all the cities in North America that have a "housing crisis"1 are the ones where people want to move to, or buy a vacation home in? The ones that do not have the crisis2, are the ones with limited or no demand.
1. LA, San Francisco, New York, Miami, Boston, Toronto, Vancouver, Victoria
2. Detroit, Cleveland, Baltimore, Milwaukee, Buffalo, Moose Jaw, Regina
So even if we were to build just say for example, somehow we were able to build 50,000 1-bedroom units here, for say $175,000 each. Most everyone would say that's pretty affordable.
And unless we put all kinds of restrictions on their purchase, they would sell out in just a few days or weeks.
I would even hazard a guess you'd need to build over 500,000 units, maybe even a million+ before you'd significantly suppress other housing values or see vacancies rise in rental housing.
It really can't be done.
Oh, sure we can subsidize a few "affordable" projects here and there, place 30 in this building, 20 over here, 14 here. Even 200 in one condo tower, and they pay $40,000 less than market. But we can never create any meaningful changes for most.
Edited by Victoria Watcher, 30 January 2022 - 06:52 AM.