(11-14-2021, 06:46 PM)nms Wrote: The reality is that the current construction strategy is not working: no matter how many units are built, the price of accommodation does not come down. This is not limited to Waterloo Region; one only needs to look to Toronto. If anything, the more units that have been built in Toronto, the faster the demand for affordable housing has grown.
I think we can all agree the current strategy isn't working. However, describing the current strategy as "no matter how many units are built" is a grave mischaracterization. The number of units per capita has been steadily falling, meaning every unit has ever more people competing over it.
The problem here is you're mixing up "number of units" and "number of units per capita". Number of units has been going up, but units per capita is going down. Price is determined by units per capita, as after all its the law of supply and demand, not the law of supply.
We are, on a per-capita basis, reducing the housing supply. When you look at it like that, it's no surprise that everything has gone to shit. People here are arguing that maybe we should increase the per-capita housing supply, which is something that hasn't happened in 20 years.