In the middle of a housing crisis, this is just good news.

But frankly, the developers themselves don’t deserve too much hate. They are just local optimizers and ultimately if we want to build more housing they are the ones that know how to do it.

If anyone deserves hate and schadenfreude here it is the Canadian banking sector. They are the global optimizers that turbocharged the bubble. They created and made insane amounts of money off of the bubble. And they are in an oligopolistic position and with enough political pull that if this turns into a crunch they would be getting bailed out at the taxpayers’ expense.

We don’t need to hate on the developers, but neither should we respect them. They were taking advantage of a bubble, knowing full well it wasn’t sustainable, and if they get burned by it, meh.

I’m perfectly fine with hating and even blaming developers. These are people who have decided that making money is a good enough excuse to cause suffering.