REPORTING · 6th August 2014
Kitimat City Council received a letter from Jim Hepting on Monday, July 28th on the topic of housing overbuild.
“I am very concerned about the overbuild of housing units in Kitimat. When the construction boom is over, , we are going to be left with many more dwellings than we’ve ever had and fewer jobs than we had at our peak. That’s fine if one is going to sell and get out before the boom is over , but for those of us wanting to stay, our property values are very likely going to plummet and we will be left holding the bag,” wrote Hepting.
He expressed it is fine if the big companies build housing so they will not cause a housing shortage but, when they are gone, there will be an over supplied housing market.
“I hope you will do some serious number crunching and compare the number of housing units /full time jobs we had in previous times to what we will have after the construction boom is over. I don’t expect prices to stay high forever, but I also don’t want to see them drop to the lows (or even lower) that we’ve seen in the past. Please do not allow an overbuild of housing in Kitimat,” wrote Hepting.
Councillor Mary Murphy made a motion to receive the letter for information. There was no discussion and the motion was called and carried.