[jfil]

My original comment was only focused on construction approvals and the challenges with the City' Committee of Adjustments. Things are changing, where power to approve projects is moving more towards the Provincial level (which has pros: a saner, faster process. And cons: less ways for you to shape your local community, industrial-strength corruption)

In terms of economics, I'm not an expert. It looks like much of the local economy is based on reselling the same houses to each other at ever increasing prices.