'If we don't do it, someone else will': Eby, Carney defend plan to purchase unsold condos

VANCOUVER — Prime Minister Mark Carney and Premier David Eby have faced criticism from across the political spectrum over their affordable housing plan, which would involve buying up unsold condos with taxpayer dollars.

During a press conference on Thursday, they both justified the move, arguing that it does not equate to a "bailout" of developers, as some have suggested.

"You're hearing directly from developers that this is not what they asked for, and it is not, from their perspective, a bailout," Eby said. "When you buy something that's on liquidation, you don't say to yourself 'I'm supporting a bailout for the store'."

He argued that if the government could buy existing condos for less than it costs to build, then it would be a win for everyone.

"If we don't do it, someone else will do it," Eby contended. "Large, private-sector investors will make them available for rent for profit, and then flip them. These condos will be purchased, and so we're seeking to purchase a small number of them to make available for affordable housing for a price we could not build them for and on a timeline we could not deliver them on."

Eby emphasized that the government has no plan to buy any condos in Metro Vancouver "because the numbers just don't work."

"If people hate it, hey, we don't have to do it," he added, "but it is a chance for us to make a real difference in the lives of more than 2,000 families."

Eby's sentiments were shared by Carney, who suggested that "the proof of the pudding is in the eating — it's in the actual transaction."

"If these opportunities present themselves ... in order to get affordable housing to people at a cheaper price than could be built, we'll do it," he said. "If the market shifts, if the opportunity doesn't present itself, then it won't happen."