Der Condo -Absturz behebt unser Wohnproblem nicht. In der Tat könnte es es einfach schlimmer machen
https://www.thestar.com/opinion/contributors/the-condo-crash-wont-fix-our-housing-problem-in-fact-it-just-might-make-it/article_7c44519f-cdbe-4978-b575-ffc1ef9a76bd.html
3 Kommentare
The condo crash is just step one. But yes, it gets worse before it gets better.
Condo’s crash, developers can’t sell anything pre-built, housing starts fall off a cliff. That is bad in the sense that they need more homes but the real solution is to massively devalue land. Developers usually have decent finances, they can hold on for a while. But if they believe land will not recover they will cut their losses.
New company with the discounted land can then try their luck to make some sales at a lower price. This cycle continues until people start buying again. But really, the only thing that can change is the value of the land.
This seems insane to me. Make it worse? Also some of those 650 ft spaces are well designed. The newer buildings have shared floors for pools, office space, gyms and entertaining friends. All that means is that your office and dinner parties are held in shared spaces, and that makes it quite a livable design.
Guess who’s going to buy up all that inventory? Blackrock and other private equity firms.
Government needs to buy these at market rate, then either lease them at cost or sell them exclusively to FTHB who have no other assets other than a vehicle or investment portfolios.
If you already own a property, you should be excluded. Private Equity firms can get fucked.
As a condition of sale, the property cannot be sold to another individual/entity that owns more than one property. Any attempt to undermine this would render the property subject to civil forfeiture sans compensation to the seller AND buyer. i.e. if you sold it in violation of the covenant, you get ZERO $$$ from the buyer or if it’s discovered after sale, you owe government the sale price PLUS the difference on market value. The buyer loses the property.