Few things emblematize the split between use and exchange value than rent. “The U.S. is building more apartments than it has in half a century, but the poorest people still can’t afford them.”
While demand for affordable housing has grown, the only increasing supply is high-end apartments, from new construction condos which enable gentrification, to the ultra-luxury and mostly empty skyscrapers.
Roshan Abraham
@corlin we have the same issue.
what i've learned is that the 🇨🇦 federal govt had an incentive program for developers & mgmt companies to build affordable apartments to provide that supply. since all those incentives have all but disappeared, they're still building but the high end stuff that they can profit from.
@singlemaltgirl @JanetZumba_FalPals @Faustus
What I find, is that there is NO middle.
You might find a studio, or 1 bedroom apt.
Or a luxury condo.
But nothing in the middle, how about a family of 4 or 6,
Forget about it at any cost.
They just do not exist.
@corlin @singlemaltgirl @JanetZumba_FalPals I don't think we have any new condo which will work for family of 4. They started to construct more and more smaller apt. And we don't have 3 bd anymore. Majority of families with 2 kids prefer to rent house or townhouse which is also not affordable as well, because of same reasons. My friend wanted to buy house from constructor, the line was huge and some people bought 2 houses immediately with cash. How ordinary person can afford it?..
@Faustus @singlemaltgirl @JanetZumba_FalPals
just a few solution:
Tax the shit out of rental properties owners.
Make it illegal for investment banks to own property to rent.
Subsidize rent for middle income folks.
Subsidize builders that build for families.
Subsidize and guarantee, home ownership loans through credit unions and small local banks.
@Faustus @singlemaltgirl @JanetZumba_FalPals
Yep
I am fine with Immigrants and foreigners buying property to live in, but not for investment. All income made from property investment should be taxed at about 75% if not higher.
@Faustus we've been doing that. that rec property tax & so on but that hasn't stopped the foreign ownership. maybe we need to tax them higher?
the feds & provs get lots of pushback from that.
when we tax the landlords, they just raise the rents.
investment banks can be a partner in this work. we just need to incentize & regulate this space better.
wholly agree w/ incentivizing builders. that's what we used to do & it worked 💯.
we kinda already do the latter in 🇨🇦. but the prices are so out of whack, it's just not feasible.
@singlemaltgirl @corlin @JanetZumba_FalPals that's true...and yes, now it's really difficult to bring back control
@corlin @singlemaltgirl @JanetZumba_FalPals + don't prioritize selling apt/house to foreigners with cash, who are also driving prices high, instead prioritize citizens and young families. Not all foreign investments are good for country.