It's a big problem

I've mentioned before how our economy in Calgary is booming. Housing costs are high, construction is at a fever pace, it's difficult to find a store or restaurant or construction site that isn't advertising for more workers. Unfortunately, part of the reason more workers aren't coming here to lap at the overflow of jobs is lack of available housing, especially rentals. As a result, Calgary has likely exceeded the number of jobless homeless people with the working poor - and now - just plain working homeless.

Yet everywhere you look in this city, houses are sprouting, even a few high density buildings are going up. But they're all condominiums. There's no profit for developers in building apartment (rental) buildings, because condos get cash to the developer as soon as the unit is sold instead of having to borrow on the development over the long term. This means the only hope for rental units coming available, is for the City to relax home rental suite regulations (not a very safe option), or for investors to buy up homes and/or condos as investments and rent them out. I don't know many people in the position to make this kind of investment when housing costs are so high.

So what's the solution? Like everything else wanting in our local economy as a result of the booming oil sector, the government needs to start thinking about investing oil more royalties on current needs rather than socking it all away for a rainy day. Part of this investment in our situation today should include incentives to get developers to build rental properties on a grand scale, with percentages set aside for low income individuals.