Quote:
Originally Posted by flamesfever
Do you honestly think those homeless people are going to be buying those $500.000. rowhousess?. The only guy who is going to come out of all of this with a smile on his face is the developer.
If you feel so strongly about your position on rezoning, are you going to go down and give your 5 minute talk to the City Council?
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No but I imagine it kind of works like this:
Single-family homeowner sells their house - reasons are many like moving upmarket or downmarket, moving away, death, etc.
Developer purchases the property and builds two or more dwellings at market price. Some of these buyers are immigrating from outside of the province but many are moving upmarket and selling their house at a lower price point.
Their old property now becomes available to someone who can buy or rent at a lower price point. In the case where it is purchased by someone who wishes to dwell in it but a developer buys it and creates more than 1 dwelling out of it and the above process repeats itself.
By increasing supply at higher price points up to the point of what the market demands, the supply at lower prices increases.