The Global Rot That’s Killing Vancouver

Metro Vancouver, in its way, with its Ferraris and Lamborghinis and its glorious backdrop of the mountains and the sea, is just as much a case study in the dark, broken and ugly side of globalization. At least 20,000 Vancouver homes are empty, and nobody’s really sure who owns them. The rental vacancy rate is less than one per cent. Another 25,000 residences are occupied by homeowners whose declared taxable household incomes are mysteriously lower than the amount they’re shelling out in property taxes, utilities and mortgage payments.