In an effort to maintain a long-standing tradition, the provincial NDP is intent on making a myopic, political decision related to ICBC.
Our government recently scuttled plans to move ICBC’s head office on West Esplanade, despite property value that appreciated to $79 million while building value depreciated to less than $16 million.
The NDP’s assessment is that the sale was a desperate attempt by the Liberals to improve ICBC’s books. We agree; but then, these are desperate times.
Of course, the alternative of a sale is to let our waterfront’s architectural affront stay precisely where it is: a seismically unsound building a stone’s throw from the inlet.
If the building stays put, we hope this botched departure serves as a warning to our North Shore councils.
Part of the rationale for vacating West Esplanade is that only 27 per cent of ICBC’s head office employees live close to where they work – and many of those workers are inching toward retirement.
Businesses all over Metro Vancouver face problems in attracting workers, but on the North Shore that problem is acute.
Ludicrous housing prices and miniscule vacancy rates have forged an invisible rampart that repels young people.
Our morning gridlock is proof that people will work on the North Shore, but only if they have to. ICBC leaving the North Shore might be good for the province but it would put a hole in the North Shore’s economy.
If we don’t address the housing crisis in a meaningful fashion, the industries of the North Shore will end up like low insurance premiums: a thing of the past.
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