Vancouver Elections: Lots of Promises, No Plans to Pay For Them

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Vancouver is an anomaly with a real estate-driven, consumer-driven economy, where most of the large employers are public sector institutions (hospitals, universities, colleges) or publicly affiliated organizations, including the Port of Vancouver.

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Unlike most cities with high-cost real estate, corporate headquarters have rarely gathered since the heyday of forestry and mining. And unlike other West Coast cities such as Seattle and Portland, few global companies have been born, grown and continue to thrive here.

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it may be changing. Over the past two years, tech companies like AbCellera, Visier, Trulioo, GeoComply and game developers like Dapper Labs have reached ‘unicorn’ status with valuations above his $1 billion.

But the $2 billion question is whether companies can afford to thrive here. Does Vancouver offer space for businesses to grow into something bigger? Once Canada’s most livable city, is Vancouver attractive enough to attract the kind of employees it needs?

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But there were few whispers about the economy ahead of Saturday’s citizens’ election in Vancouver. The exception is promises by all political parties and candidates to speed up the building permit process.

Even though these economic issues are closely related to housing affordability, which is the overarching challenge of the election, citizen politicians do not spend much time on these economic issues. Not only are prices high, but incomes are low.

According to the 2021 Census, Vancouver’s median income is $82,000. This is her 39th city among 56 Canadian cities with a population over 100,000. The median home purchase price is $1.45 million, nearly double that of her. The median rent is $1,570.

Gatineau, Quebec ranks 38th in terms of median income, but housing costs are $332,000 and rent is $900 a month. Halifax, NS ranks 40th. The house is $348,000 and the rent is $1,170.

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Despite not talking much about the economy, politicians are talking about non-market housing, co-ops, assisted housing, renter protection, childcare, addiction treatment, safer drug supplies, electric vehicle charging stations, skytrains, and more. , promises almost everything. Loop and more public sector employees.

Beyond the usual promise of handing over the cap to senior levels of government, there is little indication of how it will be paid.

Among the few concrete wealth-generating proposals is extending the opening hours of bars and restaurants. Forward Together has pledged to create an office for the nighttime economy in City Hall, and ABC Vancouver will have a “Night Mayor.” (Are you kidding me on purpose?)

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The NPA promises to revive professional basketball as an economic activity. But if so, the benefits of hosting four mega-sporting events, the 2023 Laver Cup, the 2025 Invictus Games, and the 2026 Men’s Soccer World, which the current council is behind closed doors, in Vancouver. It is interesting that no one dared to speak. Cup and 2030 Winter Olympics.

TEAM talks about the Olympics and promises to hold a referendum so taxpayers can decide whether to spend an estimated $4 billion or more. It also refers to the protection of industrial and commercial land.

OneCity has the longest list of financial promises sending a complicated message.

It promises to favor local businesses over “big chain retailers.” Does this apply to lululemon and Arizia?

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We are committed to protecting industrial land. But it also promises a higher density of industrial land, including residential housing, which could push up the price of industrial land, and free up more space for software development, biotech development, manufacturing and even warehousing. It could drive out growth companies that need it.

In some respects this is not surprising.

Lotusland residents have always paid a premium, including accepting lower wages and fewer opportunities for advancement.

But Leger’s research, conducted for Postmedia and released this week, suggests we may be at a tipping point. It found that 48% of Vancouverites think things are worse now than they were four years ago when he elected the current council.

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Across Metro Vancouver, only 35% of respondents said so. If there’s any “good” news for Vancouver, it’s that her 53% of Surrey people feel their lives are worse.

Another reason, which may not come as a surprise, is that so-called “progressives” reject traditional economic indicators.

Last month, the council-appointed Vancouver Economic Commission released its first report, called Beyond GDP. It noted that increased production of goods and services alone “could undermine the building of economies that thrive and support healthy and prosperous communities within planetary boundaries.”

It says businesses need to work towards a “worthy social purpose to make Vancouver a more livable city.” This value expresses the desire that people and businesses can pursue goals other than making money. “

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Others include volunteering and building social capital.

It emphasizes “economic reconciliation” and calls it “remediation of the underlying social, political, educational and financial damages enacted through systematic disempowerment (of indigenous, Metis and Inuit) groups.” do.”

Other shared values ​​of Vancouver, he said, are its commitment to sustainability and an “anti-fragility” economy, which could be more easily understood as resilience.

Long ago, back in 1992 to be exact, James Carville, Bill Clinton’s campaign manager, advised him, “It’s the economy, it’s stupid.”

The American economy was in recession. Clinton listened and became president.

Thirty years later, Vancouver’s economy remains in a housing bubble. Property taxes he increased 25% in four years. Inflation is a national problem, and global uncertainty is higher than at any point in many people’s lives.

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Vancouver voters can only hope that the incoming mayor and city council will take Kerrville’s advice seriously. Economy is important.

dbramham@postmedia.com

twitter.com/bramham_daphne

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