atomickerCarney's plan to spend billions on unsold condos in Vancouver is "more about stabilizing the financial sector" & bailing out developers who overbuilt the wrong kind of housing:
eestileib (she/hers)This is absolutely fucked up.
Where in the Charter does it say that real estate developers can never lose money?
Let em go bust if they can't sell them at a profit, particularly after all the gifts they got!
Absolutely. These developers have overbuilt some of the smallest & least livable properties in Vancouver; the banks knowingly financed these projects at bubble-level valuations. The market doesn't want / can't afford their products, and both parties should face the reality of those decisions.
By stepping in to provide a floor for these inflated values and using billions in public money to prevent the market from correcting, Mark Carney is misuing his office to keep the housing crisis going -- literally the opposite of what he promised in last year's election.
Justin MWatched this interview from CBC Vancouver during lunch. Industry guy tried to dump high prices on government taxes. Yea right they were building for rich investors.
Vancouver’s development industry reacts to government condo conversion plan
Gah, some genuinely vile responses from these two guests.
"Why doesn't the builder or the owner simply lower the price of those units until they, you know, hit something that the market will make them move?"
The real answer: basic economic forces like that are for little people. When companies and banks get this big, they get bailouts.