30
Bidenomics Isn’t Working For Working People
(www.levernews.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 15 Aug 2023
30 points (100.0% liked)
Politics
10187 readers
188 users here now
In-depth political discussion from around the world; if it's a political happening, you can post it here.
Guidelines for submissions:
- Where possible, post the original source of information.
- If there is a paywall, you can use alternative sources or provide an archive.today, 12ft.io, etc. link in the body.
- Do not editorialize titles. Preserve the original title when possible; edits for clarity are fine.
- Do not post ragebait or shock stories. These will be removed.
- Do not post tabloid or blogspam stories. These will be removed.
- Social media should be a source of last resort.
These guidelines will be enforced on a know-it-when-I-see-it basis.
Subcommunities on Beehaw:
This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.
founded 2 years ago
MODERATORS
Canada actually passed a law prohibiting foreign buyers of real estate. It hasn't had much of an effect on housing costs, because when you're looking at millions and millions of people, a handful of billionaires really doesn't change the underlying problem very much.
It hasn't had much of an effect on housing costs because it's too late. Claw back all the housing they bought up, sell it off to citizens at reasonable prices, and then you'll see an effect on housing costs.
https://www.aljazeera.com/news/2023/1/6/why-is-canada-banning-foreign-homebuyers
I'm not personally convinced that freeing up maybe 3% of the housing stock (large amounts of which are probably rented) would have a significant effect on the housing market. Maybe, just maybe, there's been a chronic lack of new supply for decades?
Nah, I'm sure it's just those dastardly Chinese.
Then why is this only now, only abruptly, becoming a problem?