this post was submitted on 10 Oct 2023
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That's what happens when you treat housing like a speculative investment.
That's an entirely separate issue, real estate speculation is not the same as development speculation, which is a necessary part of the system.
The government needs to actively build houses or their subject to matter fluctuations, which this is. But if they do build houses then they need to be careful they don't build first cities like China and over invest too.
Development... of housing. Play with definitions all you want, I still hold that this is what happens when you treat housing like a commodity. It's a necessary part of the system, as a side effect of said system.