this post was submitted on 12 May 2024
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In the middle of a housing crisis, this is just good news.
But frankly, the developers themselves don't deserve too much hate. They are just local optimizers and ultimately if we want to build more housing they are the ones that know how to do it.
If anyone deserves hate and schadenfreude here it is the Canadian banking sector. They are the global optimizers that turbocharged the bubble. They created and made insane amounts of money off of the bubble. And they are in an oligopolistic position and with enough political pull that if this turns into a crunch they would be getting bailed out at the taxpayers' expense.
I'm perfectly fine with hating and even blaming developers. These are people who have decided that making money is a good enough excuse to cause suffering.
I find it hard to blame people for doing what they are incentivized to do. Sure, I would love if everyone is morals first but given the open to build a "luxury" condo that gets N% return on investment or a "basic" condo that gets %M return on investment they are going to build whatever one is higher.
Most of the blame should lie on the government for not creating the correct rules and incentives.