Ian takes a quote from Sandy Garossino’s critique on real estate and race in the National Observer:
Little could be more symptomatic of Vancouver’s real estate derangement syndrome than journalist Ian Young’s report that the Canada Revenue Agency is nervous about being labeled racist over tax fraud investigations in Vancouver. Even our tax auditors are twitchy about checking on home buyers in Shaughnessy who claim tax credits for the working poor.
Gord Price: The leadership of this city, province and country has been exceedingly reluctant to address the interconnected dilemma of real estate, housing affordability, foreign capital and race – because initially they saw the problem as isolated to the affluent neighbourhoods of Vancouver, because they didn’t want to be seen to cause a crash in values, because they had justifiable fear of exacerbating racial animosity just under the surface and mainly because they really didn’t know what to do.
But they ran out the clock. The problem is just too big to ignore – and others (ironically many Chinese-Canadians) were providing too much documentation and data that couldn’t be ignored. Now there is a limited time left before the issue is fully politicized (likely the provincial election in May) – and they must have some response sufficient to convince a cynical and angry electorate that they are taking action that will make a difference.
Even if they’re not and it doesn’t.