Do politicians actually want to tackle housing affordability?

The debate on housing affordability in Vancouver is heating up, but do the politicians really want to find a solution or is it not in their best interests?

That’s the question posed by Vancouver Sun columnist Barbara Yaffe who writes that various “vested interests” are clouding the issue: “Politicians are ducking and real estate interests are weaving, leaving hopeful buyers to their own devices” she says.

Yaffe concludes that the problem the politicians have is that the housing market in Vancouver generates a large amount of revenue; $1 billion in property taxes, $2.1 billion in economic spinoffs and thousands of jobs, including 12,000 in real estate.

Then there is the delicate balance between doing something to appease millennials trying to get into the property market, while not slashing the home equity of current owners. With the latter group being larger, that’s a lot of potential votes to lose.

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