Just Not ready

[5thhorseman]

Hell is a negative but bankruptcy only brings you back to zero.

Or if you have multiple projects, some of them go to zero but you still have the others. Each project is likely a separate incorporation. I doubt these developers will be that hard off.

[Tciso]

So like the the special projects office, they are picking and choosing winners and losers.

They are rewarding the mismanagement of developers who thought buyers would cover these charges and Provincial and Municipal Governments who thought it prudent to introduce these charges.

What of people who did buy into these developments and purchased units in complexes that are suddenly government social housing?

Remember it was the Vancouver real estate developers who were very cosy to then Mayor Gregor who not runs the Federal Ministry Housing and Infrastructure.

Don't forget the best part. This doesn't change the cost curve of any new housing projects, and it also doesn't build a single new house. It just rewards the investors/developers that built shit the market does not want.

[Meds]

This headline sums it up perfectly.....

https://nationalpost.com/opinion/canada ... going-down

https://ca.news.yahoo.com/first-reading ... 39614.html

(second link in case the first one is pay-walled)

[Tciso]

Dear Canadians, I had a chance to fix a major problem facing Canadians, and let home prices fall naturally, but I decided to keep prices high. And I did it with your tax dollars. You are welcome.

[Topper]

Yeah, using borrowed money, later billed to taxpayers, to keep the bubble inflated is ludicrous until you look at his base elbows up retirement age constituency who have staked their retirements on inflated property values.

If you follow Sam Cooper's "The Bureau" on Substack, he has plenty of links of the Vancouver housing price bubble to Chinese and drug cartel money laundering through Richmond private banks and casinos so the Reenie suggested opening up to foreign buyers becomes suspicious.

An article I linked to above noted that even when the US Subprime bailout was done, government first allowed the bubble to burst and a few banks to collapse before the bailout.

At the time, Canada rejoiced having not explored or allowed the "innovative new financial tools" that lead to the Subprime bubble.