Model of False Creek
Bob Ransford has recently published yet another article in the Vancouver Sun repeating his mantra that the affordability crisis in Vancouver is caused by a lack of private development. The logic goes as follows: Demand for new housing is exceeding supply, yet the people of Vancouver are preventing affordability by fighting against the development industry’s bid to add more supply. “The solution is simple,” writes Ransford, “more supply equals more affordable housing.”
In the midst of an affordable housing shortage, including a virtual freeze on the construction of non-market housing, it goes without saying that Vancouver needs more housing. The question to ask, however, is do we need more private housing development? After decades of increased housing prices, growing household debt, and growing urban inequalities, now is a good time to re-evaluate the role of the private sector in providing one of the basic necessities of life: housing.