Category Archives: 15. Misallocation of Resources

Booms direct efforts in ways that don’t benefit the society in the long-run.

Crackshack at $2.4M? – It’s In The Value of The Land! (‘Value’ as a TRADING CHIP, that is…)

2.398M
“With a $2.398-million asking price, the fixer-upper built in 1930 might seem overvalued.
But in Vancouver’s crazed real estate market, that price would likely be a bargain. The new listing is priced more than $1.1-million under the recent average price for single-family detached houses sold on the city’s west side.
From the street, it looks like a bungalow, but there are two bedrooms upstairs. A mountain view to the north would be possible if a developer were to demolish the home and build a two-storey house. The listing created a sensation on social media last Friday, quickly turning into a stark symbol of just how expensive Vancouver housing has become – a teardown, with the main value in the land.”

G&M, 3 Feb 2016

The Gentrification of the Mind

“My book is a kind of love letter to the city as it was and before it got overtaken by money. Money, for me, may not immediately kill people in the way terrorism does, but it does certainly change the fabric of daily life in much deeper and more insidious ways. The terrorist may be defeated in 50 or 20 or 10 years, but money is going to be much harder to defeat.”
– Luc Sante, cultural historian, as quoted by Sukhdev Sandhu in The Guardian, 2 Jan 2016

“It doesn’t just effect the price of real estate. It effects the way people think; it causes a kind of ‘Gentrification of the Mind’.”
– Christian Viveros-Fauné, art critic for The Village Voice, paraphrased from a ‘The Conversation’ podcast

The Cost of Cost – “It’s all about space.. having the space to work, and create.”

Here’s part of an exchange between broadcast journalist Chris Hayes and comedian-podcaster Mark Maron –

Maron: Why Chicago?

Hayes: It was so much cheaper than New York, that was the big reason..

M: I know the cities that are kind of authentic in their own thing… … an organic nature to it… and [Chicago] is one of them…

H: It’s its own thing and it’s because the cost of living relative to other cultural Meccas that people will go to is so low, what you get in Chicago is all these people in their twenties.. paying $250 in rent, $350 in rent, and maybe waiting a table or two but then like writing their show, or doing comedy, or painting… there was a lot of space for people to pursue this kind of work… or to do really amazing social justice work, and all of that was facilitated by much cheaper living…

M: Like New York in the Seventies…

H: Exactly…

M: There was a time when a lot of cities had that but it’s almost like it doesn’t exist anymore… and I think that’s diminished the arts communities in general…

H: Absolutely…

M: If you can’t have bunch of poor creative people…

H: That is what facilitates.. /.. when we think of places that were like that, like the lower east side in the 80’s, they were that because it was cheap..

M: It’s all about space.. having the space to work, and create.

“No problemo. 69 per cent of the condo tower is pretty stable.”

Downtown Vancouver

“Only 31 per cent of sales have been to first-time buyers, or new immigrants from offshore, so 69 per cent of the market is pretty stable.”
– Bob Rennie, local condo salesman, as quoted in ‘Vancouver real estate moguls unfazed by axed immigration program for millionaires’, Kate Webb, Metro, 12 Feb 2014

[A post from beyond the grave. This is a one-off post-death ‘rattle’. Keep well all. – ed.]

“Nothing Wrong Here!”

Maple ridge, lougheed highway and 223rd aldus huxtable
Maple Ridge: Lougheed Highway and 223rd [image and post title care of Aldus Huxtable]

“It’s kinda funny that 3 unrelated Irish blokes all said that this mess in Vancouver/Canada RE is unfolding EXACTLY like the mess did in Ireland, one headline at a time.”

“Been chatting with some Irish blokes who are here working post Irish Bubble. It’s kinda funny that 3 unrelated guys all said that this mess in Vancouver/Canada is unfolding EXACTLY like the mess in Ireland, one headline at a time. Good luck Canada!”
TBWCB at VREAA 29 Jun 2013

All bubbles are alike in essential nature, even though there may be variations in the minor details.
– vreaa

Trump on Vancouver – “Your people, they go to New York, they go all over the world, and they speak so highly.”

“I love Vancouver. I have had so much experience with Vancouver and with people who live here. You don’t even realize how important it is in terms of a destination and also your people they go to New York, they go all over the world and they speak so highly.”
Donald Trump, as quoted in ‘Trumps announce exclusive tower deal in Vancouver’, CBC.ca, 19 Jun 2013 [hat-tip jesse/YVR]

Did he try to say that people in New York speak highly of Vancouver, but just couldn’t?
– vreaa