To the editor,
Mayor Leonard Krog claims that “today’s expensive housing may be tomorrow’s moderately priced housing.” In fact the development boom that he and the rest of council wholeheartedly support will push prices and rents beyond local incomes. This council just follows the harmful examples of Vancouver and other development-crazy cities.
That development craze has been documented by experts like UBC’s Patrick Condon. He points out that Vancouver “has added more housing units per capita than any city in North America over the last 30 years, yet housing prices have increased faster in Vancouver than any other North American city.”
Research by Andy Yan of Simon Fraser University shows that approvals for higher-density development inflate property assessments, real estate prices and rents, often beyond what local people can pay.
Nanaimo’s developer-friendly council further encourages that disconnect between incomes and the cost of buying or renting. Nanaimo’s population growth comes largely from affluent newcomers who can afford prices that locals can’t. That benefits the developers who are pushing this housing boom. They have a very compliant council in Krog and company.
Greg Klein, Nanaimo
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