Victoria, B.C.B次元官网网址檚 capital city, is one of the countryB次元官网网址檚 most expensive places to live.

In a local and global economy that relies heavily on real estate investment to underwrite the growth boom of the B次元官网网址榬entier classB次元官网网址�, itB次元官网网址檚 not surprising to see that the rewards of the few come at the expense of the many.

Shelter is a fundamental human right. Yet, like many aspects of life, putting a roof over oneB次元官网网址檚 head has become a privilege available only to those with stable, secure, high-paying incomes or those who possess many wealth-generating assets.

Politicians say theyB次元官网网址檙e concerned about the swelling ranks of the unhoused population, soaring cost of living, and rampant rent increases, amidst an acute shortage of affordable and available dwelling units.

Yet, their actions speak louder than their words.

Government B次元官网网址渄eregulatedB次元官网网址� the real estate and development sector, limited subsidization of affordable units, and offered loose licensing requirements for short-term rentals as B次元官网网址渕ortgage helpersB次元官网网址� or investment opportunities. These measures serve the financial institutions, money launderers, corporate trusts and property management firms who flip units or capitalize on B次元官网网址済host hotelsB次元官网网址� to accommodate well-heeled tourists. They do nothing to remedy the housing crisis from which they all profit.

For decades, VictoriaB次元官网网址檚 rental vacancy rate has been less than one per cent. The average one-bedroom monthly rent is $2,000, homes cost upwards of $850,000, while the average household after-tax income is less than $75,000 a year.

For years, the City of Victoria and real estate investors have benefited from the conversion of apartment units to strata title, thereby reducing the inventory of affordable rental units. Today, they reap the benefits of new condo construction and conversion of former hotels to AirBnB investment properties. Ten multi-dwelling properties in Victoria, owned predominantly by out-of-town investors, represent over 80 per cent of the short-term rental pool.

Greater VictoriaB次元官网网址檚 4,000+ short-term rentals suggest government preserves, protects and promotes profitable B次元官网网址済host hotelsB次元官网网址� while demolishing and diminishing the inventory of affordable dwellings for local needs.

Shelter is not a luxury! LetB次元官网网址檚 end all short-term rentals and housing speculation until we can put a roof over everyoneB次元官网网址檚 head.

Victoria Adams

Victoria