In the current so-called housing "crisis" that is hitting many major cities around the world, it often seems that capitalism is to blame for all those ills. I think this is a short-sighted view that fails to address a few issues:
There are major cities around the world where this is not nearly as much of an issue. Tokyo has found a solution to its housing problem by adopting much-relaxed zoning regulations for housing, that allows for it to go up quickly without red tape.
We have an incentive problem: politicians are elected by city residents. When in a country like Canada, nearly 70% of households own their homes, they have every incentive to fight tooth and nail against increased density, most of the time based on unfounded fears about the negative impact of such developments. Since politicians are cowardly re-election plotting rent-seekers, they tend to not go against the majority in their constituencies, when it comes to make courageous urban planning decisions and allow future residents (who have no say because they don't yet live in the city) a shot at having decent life opportunities. Margaret A., I thought you'd be smarter than that.
We have an urban planning problem: in a city like Toronto, it is absolutely mind-blowing that it is considered normal to have entire neighbourhoods of single-family houses in the downtown core, which were suburban 100+ years ago when they were built, yet do no correspond to the needs of the city anymore.
It's a bit ironic that Canada is founded on the values of acceptance, openness and multi-culturalism and yet, it seems that these principles don't apply at the scale of the block, where it's more like a sandbox to which the local bully won't give you access and cry to his parents that it's unfair he can't play alone anymore when all you want to do is jump him and help him make a sandcastle.
The problem is not the lack of solutions, as we've demonstrated, it's that the culture needs to shift. Maybe if we adopted the "you can't say you can't play" mantra, we might just change that culture.
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