Bank pulls funding on luxury DTES condos

Yipee!  Yaletown is not moving east as quickly as we thought.

The infamous V6A condo project who’s giant hole graces Union Street between Main and Gore, has stalled thanks to the global market crash.

According to an article dated Sunday November 16, 2008 in the Province Newspaper, this condo project had its funding pulled by a bank.

We can’t get too excited.  This is only one stalled condo project.  At a rate of 3 condos to every 1 social housing unit under development between 2005-2010, our neighbourhood may soon be overwhelmed.  New condos and the new stores that come along with them, mean rents will continue to spiral upwards.  Say hello to more poor bashing and more “NIMBY’s” (people who don’t want to live near people with “problems.”)   We need more safe, secure homes like the 5000 social housing homes we have already where people can nurture themselves, their friends and family and put down roots and contribute to the community.

Goodbye a poem by Diane Wood sums up our situation

Say goodbye 2 th DTES as we know it

The yuppies buyin condos don’t wanna see us
Don’t wanna know about sandwich & souplines
When they shop at Nestors
Don’t care what a great paira shoes U scored at the 1st United
While they’re buyin a leather jacket 4 their dog
Won’t B looking 4 a dollar bag at Sunrise, or in any dumpsters
Don’t wanna know where 2 get a free haircut when they’re shoppin 4 a wig And they flinch when they see us

Th people who made this community what it is
Doin what we do
In broad daylight.