Link to letter on the Times Colonist website
How long will it take for values to drop?
Re: “Victoria council hard at work on affordable housing,” comment, March 9.
Much of Coun. Dave Thompson’s approach to solving Victoria’s housing affordability problem relies on his belief that market housing approved for construction today will “age into” affordable housing that becomes available tomorrow.
How does that work, and how long does it take?
Unless a residence loses substantial value over time, it will not become significantly more affordable tomorrow than it is today.
Has our council not noticed that the cost of housing in Victoria tends to go up as the years pass, not down?
—Robin Farquhar, Victoria