cut expenses, pay off debt, focus remaining resources on increased resilience
We are heading into a severe worldwide economic depression. The root cause of this depression is that we have been living beyond our means and have built up more debt than can be repaid. The coming depression will be much worse than the 1930's because the debt levels today are much higher. Furthermore, we can expect the depression to be permanent because oil production has already peaked and will begin to decline in less than 5 years. This means that no further economic growth is possible and the economy will contract for many decades.
The implications for the City of Vancouver are dramatically falling property prices and tax revenues, coupled with much higher demand for services due to rising unemployment. There is also significant risk of social unrest if the demand for basic services (water, food, shelter, security) cannot be met. And there is a risk of the city defaulting and being unable to provide services if it is unable to service its debt.
Rather than reacting in a crisis mode, the city should proactively reduce expenses and pay off debt now. Whatever revenues remain should be focused on building resilience for the coming storm. Because the depression will collapse worldwide consumption of discretionary goods we can expect a rapid drop in CO2 emissions and therefore the city need not invest any precious funds in reducing its emissions.
Maybe... but your proposal is likely to hasten or exacerbate the situation. And you are taking a very extreme view, probably too extreme. Debt is not necessarily bad, but has to be used in moderation for true assets.
No matter how much debt we are in, a good investment is still a good investment. Property prices will come down, but Vancouver still has plenty of potential if it focuses on the right things, becoming sustainable is one of those things
Highly unlikely the City can pay off the debt now. The Olympic Village of the LEED gold standard are not selling very well, while other new buildings not of the LEED standard but having more value for the money are selling out. Judging by all the greenies here all they want are handouts like free transit, free soil to grow and free tree fruit, etc.