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Dear Neighbours:
I thought I’d write a quick letter to update you on an issue closely related to the Jericho Land provincial and federal government land sale, and affordable housing in our community generally - the issue of investment speculation on Vancouver real estate by non-resident owners, both domestic and international.
On April 21, the Financial Post posted an article titled “Forget gold, buy a Vancouver condo if you want to stash your wealth says world’s top money manager.” In it, the authors described an international meeting of money managers in Singapore in which the Chair of Black Rock, Lawrence Fink, told the investment managers present not to invest in gold, but to look at other investment opportunities that are inflation adjusted: “The two greatest stores of wealth internationally today is contemporary art… the other store of wealth today is apartments in Manhattan, apartments in Vancouver, in London.”
As of the first quarter of 2015, Black Rock had $4.7 trillion dollars under management. Investing even a fraction of that money in Vancouver real estate could have a significantly distorting effect on our local market. And Black Rock was just one of the many international investment companies present that day.
In light of this article and recent news linking absentee investors with rising real estate values in Vancouver, I asked the Minister responsible for Housing, Rich Coleman, whether he would be measuring the impact of non-resident investors on our local housing market.
As you know, I am very concerned that the Jericho Lands will become property dedicated to the long term financial interests of firms like Black Rock and their investors, not residents of Vancouver. The Minister refused to commit to measuring the impacts of these huge international investors on our local market. You can see his answer here:
I know through talking to many of you that you are concerned that you, or your children, will not be able to afford to live in the city, and that there is a shortage of appropriate housing for many people to downsize and still live in the neighbourhood you’ve called home for years.
I encourage you to think about coming to share those concerns with others at a rally for affordable housing at the Vancouver Art Gallery on Sunday, May 24 at noon. The rally is being organized by a young woman who is concerned she can't afford to live in the city she calls home.
Please share this information with anyone you think may be interested. A good turnout will reinforce our message that affordable housing for the people who live and work in this city is needed, and that the provincial and federal public Jericho lands shouldn’t simply be sold to the highest bidder – they should be carefully managed for future generations to ensure affordability.
Thanks for your continuing interest in this issue. If you’d like to contact the housing Minister, his e-mail is: rich.coleman.mla@leg.bc.ca
Yours truly,
David Eby
MLA for Vancouver-Point Grey
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