Quote:
Originally Posted by whatnext
I'd like to solve it by developers lowering their price to unload the units. That's how housing corrections happen. They were quite happy to pay overinflated prices for land and drive up the cost of housing for every Canadian to shill skyboxes abroad.
Is this your first time living through a real estate bust? I've got news for you, even if existing developers go bust new ones will be created in their wake. Housing will still be built.
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They were paying for land based on the city zoning system of setting approvals far below demand, so where they bet they could get those approvals, they were willing to pay, given the governments wanted the prices to go up, so the government could extract all sorts of cash and non cash benefits.
Unwinding that system is hard, but it isn't the developers that made it. The municipalities did.
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