FEBRUARY 18, 2018 – PRESS RELEASE
GLEN CHERNEN – NPA MAYORAL and LEADERSHIP HOPEFUL
Vancouver is afflicted with extreme housing unaffordability and it is time the City of Vancouver starts being part of the solution. I am seeking the NPA Mayoral nomination and leadership, and I would like to bring new ideas to the City that result in improved housing affordability. Today I share two personal proposals that are aimed at helping out people who live and work in Vancouver.
VANCOUVER PRE-SALES REGISTRY
Currently, the condo pre-sales market in BC is allowed to operate as an anonymous marketplace where transactions and participants are allowed to hide from regulators and public scrutiny. It is time for transparency so that all transactions are made publicly available much like our current BC Land Titles system. Until the province steps in to do a proper job, the City should begin managing a Public Registry for all “pre-sales” transactions in the local sales market.
LOCAL SALES OFFICE MANDATE
One segment of Vancouver’s housing industry is creating an overabundance of luxury housing supply which is out of the price range for people who live and work here. Not only are many of these sales made to people who never set foot in Vancouver but many of these transactions are being conducted outside of Canada. This is like shipping Canadian resources and sales jobs out of Canada like raw unprocessed lumber. These sales do nothing to alleviate local demand and actually compound affordability problems by increasing the money supply in the Vancouver real estate market. Offshore sales offices combined with a lack of transparency, fuel an insatiable demand from global investors, speculators, and money launderers. The only question is how much do these offshore sales offices and the “pre-sales” secrecy, reduce opportunities for local wage earners, to purchase and rent in our local market?
PROPOSAL(s) (February 18, 2018)
If elected as Mayor,
1) I PROMISE to pursue implementation of an immediate MANDATE THAT ALL VANCOUVER
CONDO PRE-SALES BE CONDUCTED IN VANCOUVER,
2) I PROMISE to pursue the creation of a MANDATORY PRE-SALES REGISTRY that would be
managed by the City of Vancouver until such time that the BC Government can make it redundant.
As the city has legal authority to approve new density and rezonings, the City can come to an arrangement whereby new rezonings require a covenant registered by the developer, to abide by particular requirements that are registered on the BC Land Titles system. I propose that all “new density approvals” in Vancouver for strata condominiums and townhomes require a covenant be registered on title, legally ensuring that “new density” pre-sales, be conducted in Vancouver ONLY. A further covenant would be agreed so that all pre-sales transactions data including the beneficial owner (Numbered company owner revealed), and transaction values, be kept in a public registry.
Not only would I pursue implementation of these groundbreaking but simple measures if elected as Mayor, but I would work every single day to find more solutions to combat our housing affordability issues that also include reducing City hall “red tape”, and permit approval times and excessive spending by the City . If you like these proposals, then please actively support my bid to become the next leader of the NPA by joining the party today.
Sincerely, Glen Chernen
Media inquires and interview requests are best arranged with me personally via twitter direct message @glenchernen