To the editor:
Re: "West Side property values soar 20 to 40 per cent," Jan. 4.
Who really benefits from exorbitant housing costs? Sellers only benefit if they move from an area of high housing costs to an area of lower housing costs, since any replacement housing will also be just as expensive. Buyers pay high mortgages. City Hall receives more in taxes with high housing assessments, but is then on the hook to supply more affordable housing to residents from a variety of income levels. Business property values also rise, causing closures and lay-offs of employees. Rents rise dramatically. I guess the only people who really benefit are realtors and bankers, and this knowledge will only fuel more protests like Occupy Vancouver.
Esther Wiens, Vancouver
