In The Warhol Economy: How Fashion, Art, and Music Drive New York City, author Elizabeth Currid articulates how the New York economy (one of the largest regional economies in the world) is propelled by the artists, writers, fashion designers and musicians that live there, equally as much as those in the white-collar/financial sectors. Since culture and commerce work together in a mutually beneficial manner, any city that lacks a boisterous arts and culture scene fails to reap its commercial potential.

So what exactly is required for a vibrant arts scene to exist? Simple: cheap rent, studio/production space, and plenty of gallery and exhibition centers. Sadly, in Vancouver and abroad, over-inflated real estate and the rising cost of living is destroying the much-needed balance between business and the arts. With Vancouver’s art/culture hubs Gastown and Strathcona well on their way to complete gentrification, the city could face cultural extinction. Will Vancouver evolve into a culturally absent wasteland of foreign-owned condos? Is it there already?

In an era where cultural capital and creativity is becoming increasingly valued, governments, creative agencies, and philanthropists should be doing more to create urban environments where the arts can flourish. Otherwise, our cities will fail to evolve unique cultural identities ultimately stifling economic progress.