Unfortunately for Canadians (and Americans, same dynamic) so much personal wealth of homeowners are tied into their properties and they’re leveraged against it any decrease in the housing price is going to cause retired homeowners are going to go hungry and they’re the largest block of voters so that probably isn’t going to happen.
To actually fix the problem though they need to regulate institutional investors out of the market completely and set price controls. It isn’t very free market or neoliberal but that would actually work. The government can dictate prices, they just won’t do it because the people who benefit from high prices control the government not the people who the government is supposed to serve.
So, regulatory measures with a gradual, measured increase in supply is the answer. Hopefully this government will be brave enough to move forward on that.
Unfortunately for Canadians (and Americans, same dynamic) so much personal wealth of homeowners are tied into their properties and they’re leveraged against it any decrease in the housing price is going to cause retired homeowners are going to go hungry and they’re the largest block of voters so that probably isn’t going to happen.
To actually fix the problem though they need to regulate institutional investors out of the market completely and set price controls. It isn’t very free market or neoliberal but that would actually work. The government can dictate prices, they just won’t do it because the people who benefit from high prices control the government not the people who the government is supposed to serve.
So, regulatory measures with a gradual, measured increase in supply is the answer. Hopefully this government will be brave enough to move forward on that.
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