nucklehead Posted April 13, 2020 Share Posted April 13, 2020 https://www.msn.com/en-ca/news/canada/covid-19-city-of-vancouver-at-risk-of-bankruptcy-says-mayor/ar-BB12wQHg?ocid=spartanntp Quote The City of Vancouver is at risk of going bankrupt, says the mayor, citing a recent poll showing more than half of property owners are not expecting to pay full property taxes this year as COVID-19 financial woes take hold. In a press release issued on Sunday afternoon, Mayor Kennedy Stewart said his earlier claim that the city would lose up to $189 million in revenue and fee shortfalls in 2020 could be $325 million short of the mark. The city has already laid off 1,500 workers. “If 25 per cent of homeowners do end up defaulting on their property taxes, we could shed up to an additional $325 million in revenues,” Stewart said. “Losing more than half-a-billion dollars in operating funds in 2020 would devastate the city’s financial position, forcing us to liquify assets and exhaust every reserve fund we have — just to avoid insolvency.” Link to comment Share on other sites More sharing options...
Warhippy Posted April 13, 2020 Share Posted April 13, 2020 The "benefits" of having a city comprised of empty beds I guess. Vancouver's status as a world class city has always been based more on climate and amenities than economic substance. That said, I expect this from a number of larger municipalities as this progresses 1 1 Link to comment Share on other sites More sharing options...
Crabcakes Posted April 13, 2020 Share Posted April 13, 2020 All levels of govt are going to feel the pinch. The difference is that municipalities are not permitted to run deficits like Federal or Provincial. They can't raise funds by issuing bonds etc. Higher levels of govt will bail out the cities. Link to comment Share on other sites More sharing options...
Sharpshooter Posted April 13, 2020 Share Posted April 13, 2020 Pretty sure there will be a bailout. Link to comment Share on other sites More sharing options...
Lancaster Posted April 13, 2020 Share Posted April 13, 2020 I wonder if it is possible to have the City of Vancouver "dissolved" and then restructured. Also.... @Sharpshooter when did you return back to CDC? Link to comment Share on other sites More sharing options...
Sharpshooter Posted April 13, 2020 Share Posted April 13, 2020 31 minutes ago, Lancaster said: I wonder if it is possible to have the City of Vancouver "dissolved" and then restructured. Also.... @Sharpshooter when did you return back to CDC? Once my other quarantine was complete. 1 Link to comment Share on other sites More sharing options...
samurai Posted April 13, 2020 Share Posted April 13, 2020 4 hours ago, nucklehead said: https://www.msn.com/en-ca/news/canada/covid-19-city-of-vancouver-at-risk-of-bankruptcy-says-mayor/ar-BB12wQHg?ocid=spartanntp As long as the ICU's are not overrun then there is nothing to worry about. 1 Link to comment Share on other sites More sharing options...
DeNiro Posted April 13, 2020 Share Posted April 13, 2020 I’m sure they can find half a billion in that 100 billion dollar stimulus fund for us. The government won’t just let a major city go bankrupt. 1 Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted April 13, 2020 Share Posted April 13, 2020 OMG...no more money for unused bike lines!!! 1 Link to comment Share on other sites More sharing options...
wildcam Posted April 13, 2020 Share Posted April 13, 2020 (edited) 10 hours ago, nucklehead said: https://www.msn.com/en-ca/news/canada/covid-19-city-of-vancouver-at-risk-of-bankruptcy-says-mayor/ar-BB12wQHg?ocid=spartanntp Every city will have the same issues.. Every country is going deeper in debt with Covid -19...Every country was in serious debt even before Covid 19.. False economy for over 20 years, they just keep printing money? Just keep safe and try and stay positive.. Talk about bright future of the Vancouver Canucks... Edited April 13, 2020 by wildcam 1 Link to comment Share on other sites More sharing options...
DADDYROCK Posted April 13, 2020 Share Posted April 13, 2020 Maybe the citizens can buy a house at the going out of business sales,so that we don't have generations of homeless people. Link to comment Share on other sites More sharing options...
Boudrias Posted April 13, 2020 Share Posted April 13, 2020 Vancouver makes a case for more free money. Shouldn't be a problem as the Feds can run the money presses for an extra 5 minutes. What happens when the Feds start buying up the defaulted mortgages which are inevitable? Link to comment Share on other sites More sharing options...
JM_ Posted April 13, 2020 Share Posted April 13, 2020 38 minutes ago, Boudrias said: Vancouver makes a case for more free money. Shouldn't be a problem as the Feds can run the money presses for an extra 5 minutes. What happens when the Feds start buying up the defaulted mortgages which are inevitable? very good question. I'm wondering if we're going to see something like CMHC pick up all the defaults, allow people to stay in their homes, and then hand them back new 40 year amortized mortgages. I don't see how people are going to make it out of this without previously unthinkable things like that. 1 Link to comment Share on other sites More sharing options...
bishopshodan Posted April 13, 2020 Share Posted April 13, 2020 (edited) The city owns about 6 bil in land as I remember a couple years ago. Though I don't know the value in these crazy times. The article states 7.9 bil in total assets. Sell a whole bunch of that, at a discount, to developers that have to build low income housing. Edited April 13, 2020 by bishopshodan Link to comment Share on other sites More sharing options...
Popular Post Gurn Posted April 13, 2020 Popular Post Share Posted April 13, 2020 While the government is bailing out those that need help, are they going to do anything for those of us that actually saved money and are not bordering on broke? Or are they just going to turn losers into winners? Just asking, can I go out and borrow a lot of money I can't afford then go broke and get bailed out too? 1 6 1 Link to comment Share on other sites More sharing options...
CBH1926 Posted April 13, 2020 Share Posted April 13, 2020 16 minutes ago, bishopshodan said: The city owns about 6 bil in land as I remember a couple years ago. Though I don't know the value in these crazy times. The article states 7.9 bil in total assets. Sell a whole bunch of that, at a discount, to developers that have to build low income housing. Low income housing is not where the money is at. Selling over priced over rated shoe box apartments in Vancouver is how you make money. Link to comment Share on other sites More sharing options...
JM_ Posted April 13, 2020 Share Posted April 13, 2020 18 minutes ago, bishopshodan said: The article states 7.9 bil in total assets. Sell a whole bunch of that, this part works. Doesn't really need to be at a discount. Kennedy Stewart is NDP through to his core tho, he won't work with developers to make it happen. Link to comment Share on other sites More sharing options...
bishopshodan Posted April 13, 2020 Share Posted April 13, 2020 1 minute ago, CBH1926 said: Low income housing is not where the money is at. Selling over priced over rated shoe box apartments in Vancouver is how you make money. oh I know. but it's much needed and this bankruptcy fear would give the city an excuse to shed some assets Link to comment Share on other sites More sharing options...
bishopshodan Posted April 13, 2020 Share Posted April 13, 2020 1 minute ago, Jimmy McGill said: this part works. Doesn't really need to be at a discount. Kennedy Stewart is NDP through to his core tho, he won't work with developers to make it happen. I suggested that because I dont know what the market is at for expensive land. That and if you want to try to force developers to build low income I would have thought they would need some sort of deal on the prices. Link to comment Share on other sites More sharing options...
CBH1926 Posted April 13, 2020 Share Posted April 13, 2020 28 minutes ago, bishopshodan said: oh I know. but it's much needed and this bankruptcy fear would give the city an excuse to shed some assets City is so overpriced and overrated, I feel bad for all the young people trying to buy. 1 Link to comment Share on other sites More sharing options...
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