Soaring housing costs are turning cities into citadels for the rich
include basketball player Steph Curry and venture capitalist Marc Andreessen, whose letter to city council deployed a spray of all-caps to make clear he was “immensely against” multiunit housing.
Such a forceful battle against housing density is the latest tale of what’s gone wrong in the Bay Area. It is among the most productive economic regions on the planet – and a place with some of the heaviest restrictions on building new homes, which together have made it brutally expensive to live there. So people are leaving. In 2022, the Bay Area’s population fell forPeople of all incomes should be able to flock to cities where the economy is thriving.
Picture a young person who has finished university or someone midway through their career. There are job opportunities in Vancouver and Toronto, where sectors such as tech and many others are growing. Then consider moving there. The latest data show how high that financial hurdle has become – and how Canadians are moving away from those cities. Everyone knows buying a home in Toronto and Vancouver is wildly expensive. The cost to rent is now also in the stratosphere. In late January, Canada Mortgage and Housing Corp.
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