The fentanyl plague, luxury sales, crazy real estate and heavily indebted households are all connected in Canada’s largest urban areas. Finally, British Columbia has an Attorney General with the guts to clamp down. Those who have been making money on the destructive circle are, understandably, not happy. But it matters how we make money. Allowing profits for some to continue at the destruction of the rest, is a nation-defeating way to operate. See Why Trump should be worried about Vancouver’s new crackdown on money laundering:
“We’ve linked [money laundering] to everything from being the Canadian center for overdoses deaths due to fentanyl, to being North America’s capital for luxury cars, to having one of the most out-of-control real estate markets… in not just North America but in the world.” –BC Attorney General, David Eby
“Among the pieces of legislation now moving forward in British Columbia, as ThinkProgress previously reported, is the Land Owner Transparency Act, which would create a public database of beneficial owners behind the anonymous companies purchasing real estate — and skyrocketing costs — across the province. The planned registry could come online as soon as next year, peeling back the information on who has been snapping up luxury mansions and high-rise condos in and around Vancouver.”
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