UBC economist Thomas Davidoff called for a firmer stance to push through denser development in some of Vancouver’s most expensive neighbourhoods, Metro News reported.
“The only people who come to Vancouver who can afford a single family home typically do not make a living in Vancouver, because the salary structure in Vancouver doesn’t allow people to pay the (millions) these homes usually cost,” Davidoff told councillors and mayors attending the Union of B.C. Municipalities conference. “Ninety-five per cent of Canadians don’t make enough to buy a single family home in Vancouver.”
BC Business also cited Davidoff and fellow UBC economist Tsur Somerville in relation to the recent foreign buyer tax.
Davidoff said a recession is not a likely outcome of the tax and Somerville warned of the tax’s impact on real estate development as well as jobs.
