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.