Carney’s $3.2 billion Vancouver condo bailout
Episode Stats
Summary
In this episode, we talk about the Vancouver government's plan to bail out developers in order to get them to sell their remaining Vancouver condos, and whether or not it should be extended to other parts of the country. We also talk about why this is a bad idea and what the government should be doing instead.
Transcript
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so what do you think of this condo deal the bailout in vancouver is costing taxpayers 3.2
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billion dollars and it's not just for the condos there are other aspects to this deal
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but my concern is that it's going to be extended that they're looking at toronto and so far the
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question has been asked to the housing minister gregor robertson and he basically ducked the
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idea that he's in negotiations with the ford government on bringing the same thing to toronto
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but that could be even more expensive when you consider the fact that there's a lot more empty
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condos uh in toronto what do you make of all of this oh it's brutal i mean look uh at the
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end of the day what what is this it's a bailout right for developers or home builders or whatever
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you want to call it but look uh if the government goes through with this taxpayers are getting
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soaked and look uh i've got four main issues with this there's probably more but let's just
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start with four number one taxpayers shouldn't be bailing out developers okay this is taxpayers
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money right why does the government think it can take money from struggling canadians who can't
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afford homes many canadians barely afford to keep up with their own rents and then to take that money
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and give it to some developers like come on right uh we don't have all the information but it sounds
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like the government is going to try to buy up what about up to 2200 condos in vancouver that
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currently aren't being sold it could end up costing taxpayers just for that uh like 1.5
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billion dollars that's some of the estimates i've been hearing but number two okay the government
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is intervening in the marketplace as prices have been falling and as prices would have come down
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because these uh developers these home uh sellers they would have to lower prices
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number three you see government taxes regulations fees charges already making homes in canada more
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expensive and number four mark as you're talking about uh the incentives in this are brutal right
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number one you can expect politicians in other parts of the country not just vancouver to now
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want a deal for developers in their own provinces potentially but number two what type of incentive
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does this give to other developers across canada right hey don't worry if you can't sell your
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condos, right? We'll just come in and potentially bail you out as well. So awful incentives at play here.