Quote:
Originally Posted by whatnext
The exact quote regarding money laundering from the report did not say money laundering is not one of the reasons. It said it required further study
...the Cullen Commission said it is not clear that money laundering is the cause of housing unaffordability. “The public discussion about, and interest in, money laundering has been fuelled, in part, by rising real estate prices,” Mr. Cullen wrote. But he said it would take more study to determine if that is in fact the case....
https://www.theglobeandmail.com/cana...w-of-billions/
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That's
not a complete quote from the
the report - it's edited.
Here's the actual section of the report (page 40), including the section heading for the hard-of-thinking.
"
Money laundering is not the cause of housing unaffordability
The public discussion about, and interest in, money laundering has been fuelled, in part, by rising real estate prices and the belief, by some, that high prices are the result of money laundering in BC real estate. Public attention has also been captured by the issue of foreign ownership in the BC real estate market. While the impact of money laundering and anti–money laundering measures on real estate prices is something that would benefit from further study, I am unable to conclude that money laundering
is a significant cause of housing unaffordability in the residential real estate market.
I wish to be clear that I do not urge the provincial government to take up the recommendations contained in this Report on the basis that they will resolve British Columbia’s housing affordability challenges. There are strong reasons to think that fundamental factors such as supply and demand, population increase, and interest rates are far more important drivers of price. Money laundering should be addressed, to be sure, but steps taken to counteract money laundering should not be viewed as a solution for housing unaffordability."