this post was submitted on 12 May 2024
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Have they tried lowering prices? Crazy, I know...
In seriousness, this is the problem: capital won't take a haircut because line must go up, and labour is absolutely tapped out. There's no more easy debt to leverage, and thanks to inflation, and more thanks to rampant profiteering and an immigration policy designed to suppress wages and strip-mine new Canadians, no new wealth generated.
The game of musical chairs that is the real estate market was always going to stop, it was only a question of who was going to be left standing at the end. What will be interesting is, is this the first domino in the chain, as the dearth of condo-to-home buyers in the pipeline blows up everything else?
My hope is that this whipsaws through the economy and hurts so many people so badly that a) we learn to never let it happen again, and b) that it emboldens governments to finally tax the shit out of the rich.
If you guys are a stupid as us, your southern neighbors, whipsawing through the economy will mean that 1. this loophole closes and two more open so there will be future whipsawings 2. no wealthy people will be taxed, they will be given loans and handouts and 3. you will elect more dimwits from the same party whose shitty legislation caused the problems in the first place.
I’m so glad some people realize this: we are past the point of wishing things just get slowly better. History has taught me that in this world, when people are so apathetic to important issues, things need to get so bad sometimes so everyone gets a wake up call.
a) covid has showed us people dont just learn, especially when theres a lot of propaganda around it
b) wont happen meaningfully while rich people still own the government