this post was submitted on 11 Dec 2023
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[–] pelespirit@sh.itjust.works 16 points 11 months ago (2 children)

I wrote this for a US bill that they're trying to pass, but it might apply in Canada?

Corporation Plan

  • Step 1, US has a financial meltdown
  • Step 2, corporations buy up all of the housing at cheap prices, price fix the rentals and use a shit ton of them for airBNBs
  • Step 3, not worry about the empty units or homes because price fixing and airBNBs will fix that
  • Step 4, develop a crowdfunding site so "investors" can get in on the renting/price fixing game
  • Step 5, complain that there isn't enough housing to get the zoning changed, so they can build "luxury" apartments where they continue to price fix or rent out to tourists/business people because they're ToTALLy NoT A hoTEl!
  • Step 6, profit, profit, profit

Common Person Plan

  • Step 1, look to buy a home but there's not enough supply so the prices go up
  • Step 2, try to save but their rent keeps getting raised because it's being price fixed and there is a lack of supply (sometimes real because of the tourists)
  • Step 3, continue to rent while nervously waiting to try and build up a deposit and there's less and less supply
  • Step 4, rent, rent, rent further away from the city core
[–] Neato@kbin.social 11 points 11 months ago (1 children)

Don't forget the mortgage rates are sky high so even people with 20% can't really afford to buy. Corporations buy for cash.

[–] pelespirit@sh.itjust.works 2 points 11 months ago

That's a really good point, what step would that be? Probably Step 3 for corporations. Do you mind if I add it to the list?

[–] Skies5394@lemmy.ml 4 points 11 months ago (1 children)

My one hope is that the meltdown is tied to commercial real estate, which will hopefully avoid this whole thing.

[–] Sturgist@lemmy.ca 2 points 11 months ago

Narrator: It won't be.