The olympics are often seen as bringing in business and improving the living in the host city. What people often do not account for is that property values are often increased and as a result, many are forced out of thier homes because they cannot keep up with the payments.
An article about the situation said:
The lack of affordable housing in the area despite large investments leading up the games were one of the complaints staged by about 1,500 protesters who ralliedlast week near the site of the opening ceremony. Since the city bid for the Olympics in 2002, homelessness has increased 373 percent.
Some activists and organizations are claiming the Olympics have only exacerbated the problem. A 2007 report by the Pivot Legal Society, a local nonprofit advocacy group, said the 2010 games increased homelessness while decreasing the number of affordable housing units through gentrification and evictions.
The report found housing speculation caused increases in property values as developers purchased properties in Downtown Eastside. Developers then renovated the properties and increased rents, thereby displacing residents; in other cases, landlords simply evicted tenants in preparation for a sale.
Whatever benefits and small economic gains that are made as a result of hosting the olympic games will not outweigh or improve the affordable housing situation in the area. This problem will become increasingly difficult to resolve as more and more people lose their houses and the numbers swell.
The olympics are often seen as bringing in business and improving the living in the host city. What people often do not account for is that property values are often increased and as a result, many are forced out of thier homes because they cannot keep up with the payments. An article about the situation said:
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