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Once again the market sorts things out itself. And in the areas losing young talent, it will also sort itself out. Nothing needs to be done, just observe what i

Once again the market sorts things out itself. And in the areas losing young talent, it will also sort itself out. Nothing needs to be done, just observe what is happening and wait.

inglor_cz 3y ago
True. The question is what sort of disruptions will emerge when the political class resides far away from economic power. I am now in Italy. Rome is the capital, but the center of Italian economic activity is Milan. Northern Italian businesspeople and politicians hate or at least despise "thieving Rome" and there was/is a significant secessionist movement. As of now, within the structures of the EU, an actual split of Italy is logistically impossible, but the country seems to owe some part of its dysfunctionality to the physical distance between seats of power and wealth.
- rcarr 3y ago
  This goes both ways though. In the UK, everyone outside of London and the Home Counties despises London because it gets far more spent on it than elsewhere in the country. Take transport for instance: https://www.statista.com/statistics/1134495/transport-spending-per-head-in-the-uk/ https://www.statista.com/statistics/1134495/transport-spendi...
  - evgen 3y ago
    Lol. More people live in London than any three of those other areas combined; depending on how large you draw the circle that is 'London' you are looking at around 25% of the population. Trust me, everyone in London has an equal amount of loathing for the parasitic gammons outside the London area who could not survive without the handouts we provide but still bitch and moan about every pound they get.
    - rcarr 3y ago
      If people weren’t convinced about the typical Londoner’s superiority complex I present the above comment as exhibit A. > Trust me, everyone in London has an equal amount of loathing for the parasitic gammons outside the London area who could not survive without the handouts we provide but still bitch and moan about every pound they get. Congrats on your life in the dirty money capital of the world. I would like to see how long you survive in London if the surrounding areas of the country decided not to provide you with food on your table and energy for your home.
davidw 3y ago
But 'the market' for housing is completely broken. The completely unattainable housing in wealthy productive places is a policy choice, not some law of nature. I mean, yeah, they're not going to be the cheapest places ever, but there could be a lot more housing if we allowed it to be built.
ilamont 3y ago
Just like in Vancouver. 1980 vs. Now https://twitter.com/pmcondon2/status/1653438594823094278 https://twitter.com/pmcondon2/status/1653438594823094278
- adra 3y ago
  Yep... Canada never got it's teeth kicked in by the 2008 crisis, but we had similar price appreciation so there was never a lul to get the younger generations into the market without significant up front costs. It's also slammed the breaks on most families upsizing their homes. They live with what they got. I'm looking at homes today and to enter the market for a house is 1.4 million. Our family has a good income so that's actually achievable. The vast majority will never earn enough. When real estate is perceived as a better investment than equities, society is doomed.
- Tiktaalik 3y ago
  How expensive would Vancouver be if it didn't create new housing? Condon is a nimby plain and simple, obfuscating with all sorts of horse shit his clear desire keep everyone out and keep his leafy west side home the way it always has been.
chimeracoder 3y ago
> Once again the market sorts things out itself. It's always funny to see "the free market works itself out" used in contexts where markets are anything but free, due to intense regulation, high barriers to entry, and inelastic demand. After national defense and healthcare, it's hard to think of a market that is less free - by economists' definition of "free" - than housing.

Once again the market sorts things out itself. And in the areas losing young talent, it will also sort itself out. Nothing needs to be done, just observe what is happening and wait.

inglor_cz 3y ago

True. The question is what sort of disruptions will emerge when the political class resides far away from economic power. I am now in Italy. Rome is the capital, but the center of Italian economic activity is Milan. Northern Italian businesspeople and politicians hate or at least despise "thieving Rome" and there was/is a significant secessionist movement. As of now, within the structures of the EU, an actual split of Italy is logistically impossible, but the country seems to owe some part of its dysfunctionality to the physical distance between seats of power and wealth.

rcarr 3y ago
This goes both ways though. In the UK, everyone outside of London and the Home Counties despises London because it gets far more spent on it than elsewhere in the country. Take transport for instance: https://www.statista.com/statistics/1134495/transport-spending-per-head-in-the-uk/ https://www.statista.com/statistics/1134495/transport-spendi...
- evgen 3y ago
  Lol. More people live in London than any three of those other areas combined; depending on how large you draw the circle that is 'London' you are looking at around 25% of the population. Trust me, everyone in London has an equal amount of loathing for the parasitic gammons outside the London area who could not survive without the handouts we provide but still bitch and moan about every pound they get.
  - rcarr 3y ago
    If people weren’t convinced about the typical Londoner’s superiority complex I present the above comment as exhibit A. > Trust me, everyone in London has an equal amount of loathing for the parasitic gammons outside the London area who could not survive without the handouts we provide but still bitch and moan about every pound they get. Congrats on your life in the dirty money capital of the world. I would like to see how long you survive in London if the surrounding areas of the country decided not to provide you with food on your table and energy for your home.

davidw 3y ago

But 'the market' for housing is completely broken. The completely unattainable housing in wealthy productive places is a policy choice, not some law of nature. I mean, yeah, they're not going to be the cheapest places ever, but there could be a lot more housing if we allowed it to be built.

ilamont 3y ago

Just like in Vancouver. 1980 vs. Now https://twitter.com/pmcondon2/status/1653438594823094278 https://twitter.com/pmcondon2/status/1653438594823094278

adra 3y ago
Yep... Canada never got it's teeth kicked in by the 2008 crisis, but we had similar price appreciation so there was never a lul to get the younger generations into the market without significant up front costs. It's also slammed the breaks on most families upsizing their homes. They live with what they got. I'm looking at homes today and to enter the market for a house is 1.4 million. Our family has a good income so that's actually achievable. The vast majority will never earn enough. When real estate is perceived as a better investment than equities, society is doomed.
Tiktaalik 3y ago
How expensive would Vancouver be if it didn't create new housing? Condon is a nimby plain and simple, obfuscating with all sorts of horse shit his clear desire keep everyone out and keep his leafy west side home the way it always has been.

chimeracoder 3y ago

> Once again the market sorts things out itself. It's always funny to see "the free market works itself out" used in contexts where markets are anything but free, due to intense regulation, high barriers to entry, and inelastic demand. After national defense and healthcare, it's hard to think of a market that is less free - by economists' definition of "free" - than housing.