British Columbia Controls on offshore propery investment urged by Rankin With the shortage of affordable housing in Vancouver reaching crisis proportions, the purchase of residential property should be limited to residents of Canada, Harry Rankin of the Committee of Progressive Electors has declared. Rankin, who is running for alderman along with four other COPE contenders this fall, attributed the skyrocketing prop- erty assessments in Vancouver’s west side to speculation by offshore interests. He argued that by limiting the purchase of residential property to those in Canada — landed immigrants and new arrivals as well as Canadian citizens — the province can help reduce land speculation that has seen housing prices in Canada’s major cen- tres jump by more than 20 per cent this year. In the west side housing assessment hikes are double the national average of ‘15 per cent, averaging at 35.5 per cent and reaching as high — ina few cases — as 89 per.cent. She said the city can lower the mill rate so that those below the 35-per-cent mark will see no tax hikes, but noted that “some are going to be hit very hard.” Rankin said. the city can do little about the assessments. But it can “seek the assist- ance of the provincial government to res- trict the purchase of residential property to residents of this country,” he said. Rankin’s call for controls drew predicta- ble responses from COPE’s right-wing opponents. Among them was Socred Rita Johnson, the provincial municipal affairs minister who accused the 20-year veteran of council of “fanning the flames of preju- dice.” That charge was also levelled by realtor Betty Sung, who said she had sold several west side properties to Chinese people, but that she had never sold a house to any offshore resident who did not desire it as a principal residence. But that’s a “crock of b.s.,”’ Rankin retorted, pointing out that the issue has nothing to do with where offshore investors come from. “The fact that it might be Hong Kong doesn’t make the concern racist, any more than if the investor came from Israel or Germany,” he asserted. Sung herself said that she has had fre- quent inquiries from places such as Ger- many, Holland “and Toronto.” Hong Kong, home to much of Asia’s phenomenal post-war wealth, has come into the limelight lately through large scale land purchases in Canada. Locally, the most notable of these is the as yet non- residential former Expo 86 site along False Creek, acquired by wealthy developer Li Ka-shing. The British colony is due to be repat- riated to the People’s Republic of China in 1995. While Beijing has been quick to assure the colony’s richest residents that it will be business as usual after the repatriation, investors nervous about living with a social- ist government have been spreading their funds abroad. Added to that is the need of Asia’s multi- billionaires to invest surplus capital, a facet of capitalism no matter what its country of origin. Dollars chasing real estate in a market that is already volatile are bound to drive housing prices up beyond the reach of Can- adians who need it. Sung, a Royal LePage agent who blamed “greedy vendors” in a recent newspaper article for the spiralling west side prices, acknowledged that her job is “to get the highest dollar I can for my clients.” Rankin said real estate agents should advise their clients to sell at the prices they paid for their properties, if they want to help end high housing costs. David Hulchanski, a professor with the school of community planning at the Uni- versity of B.C., said those who already own houses are less concerned about speculation — indeed, they can profit from it — as some 38’per cent of Canadian renters, many Anti-free trade group opens Vancouver office David Orchard announces the opening of the Vancouver office of Citizens Concerned About Free Trade on Tuesday while local supporter Sharon Lund looks on. The group, supported by donations, also has offices in several other Canadian cities. Orchard, a Saskatchewan farmer and national chair of the group, criticized opposition parties for being late off the mark in holding public forums on free trade. The office is at 2780 Granville St. i a of whom simply cannot afford a house. Rankin said real estate agents he knows have reported selling four and five houses to one buyer at the same time — a clear indi- cation that the properties are not intended to be principal residences for the buyer. A spokesman for the Real Estate Board of Greater Vancouver said the board keeps no figures on offshore and domestic real estate purchases, saying that it would be an invasion of privacy. Rankin notes that governments else- where have protective controls on offshore property acquisition. Ald. Libby Davies, on the COPE ticket for re-election, said that the state of Hawaii has such legislation. She said COPE’s stand on offshore prop- erty acquisition has nothing to do with dis- t The annual circulation drive for 1988-89 is now in full swing. During the next 12 weeks we will be asking you, the readers and supporters of B.C.’s only labour weekly, to roll up your sleeves and help us reach 300 new readers by Feb... With a federal election around the corner and a municipal challenge in Vancouver, we hope to get more people reading the pages of the Tribune to return a progressive slate to Vancouver’s city council on Nov. 19 and help defeat the Tories Nov. 21. 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What will make the difference is your support and helping us reach 300 new readers. crimination or racism. “The point is that we’re dealing with massive speculation, and the situation is made worse by offshore investors.” Davies said controls should also include commercial properties, noting that the fate of the Expo lands, which COPE and com: munity groups have said should include 4 strong component of social and affordable family housing, is uncertain. She said city council must ensure that the land is deve- loped soon to accommodate much-needed housing. New Titles FREE TRADE AND THE NEW RIGHT AGENDA By John Warnock $11.95 (paperback) THE U.S. TWO-PARTY SYSTEM: Past & Present $9.50 (cloth) SUPER PROFITS AND CRISES: Modern U.S. Capitalism By Victor Perlo $10.95 (paperback) Mail orders please include 50¢ per book. 1391 COMMERCIAL DRIVE VANCOUVER, B.C. V5L_ 3X5 TELEPHONE 253-6442 2 e Pacific Tribune, October 10, 1988