6 ms·

I do wonder what country will be the first one to ‘break’ and implement restrictions on buying homes. The current situation is not sustainable, and soon somethi

I do wonder what country will be the first one to ‘break’ and implement restrictions on buying homes. The current situation is not sustainable, and soon something will need to give.

marticode 3y ago
Plenty of countries do, for ex in Asia see Thailand, Singapore, Indonesia, Vietnam, etc.
deleted 3y ago
[deleted]
likenesstheft 3y ago
[flagged]
- spicymapotofu 3y ago
  The political environment has associated that stance with right-wing Conservatism, and while that party does hold that belief, it's looked down upon by the Canadian centrists/left-wing parties. I'm not sure how to describe their solution to this issue, because I'm not sure there is a stated plan.
  - likenesstheft 3y ago
    [flagged]
- pjc50 3y ago
  The real figure seems more like 500k, or about one percent per year. https://en.wikipedia.org/wiki/Canada_immigration_statistics https://en.wikipedia.org/wiki/Canada_immigration_statistics Which categories of Canadian visa do you want closed?
goethes_kind 3y ago
Governments should just build a bunch of socialized housing and rent it at a rent just high enough to offset the expenditure (i.e. way below private market value). That would put downward pressure on rents. That is what Vienna did and they are the only popular city in Europe without a serious housing crisis.
- lokar 3y ago
  No need. Just upzone lots of land and developers will do it for you.
- Kalium 3y ago
  I think that may depend a great deal on if you consider a years-long waiting list for socialized housing to be a serious housing crisis. For my own part, I'm going to say that Vienna's approach has not actually solved the key supply problem.
  - goethes_kind 3y ago
    The point is not to get the socialized housing yourself. The point is that the private market rent prices go down, which is objectively true of Vienna.
    - Kalium 3y ago
      Yes, I follow the point. I am disputing your characterization of "popular city in Europe without a serious housing crisis". On the strength of available evidence, Vienna has what can be fairly described as a serious housing crisis.
- carom 3y ago
  That would be so perverse if the government gave itself a monopoly on building housing. Just change zoning and make it legal for the private market to meet the need. Look at all the builders remedy projects in Santa Monica to see that this works.
  - 3y ago
amscanne 3y ago
Canada has already banned foreign buyers, in some cases even if they are legally living/working in Canada. (This is despite the fact that it’s mostly an ongoing domestic speculation problem, as indicated here, … and despite the fact that Canadians own billions of dollars of property in the US and elsewhere.)
jseliger 3y ago
I do wonder what country, besides Japan, will be the first one to 'break' and realize that, when you restrict supply in the face of rising demand, prices rise. The current situation is sustainable for as long as voters keep voting in NIMBY politicians. Something may give, but something may not. https://www.mcsweeneys.net/articles/i-will-do-anything-to-end-homelessness-except-build-more-homes https://www.mcsweeneys.net/articles/i-will-do-anything-to-en...
- rwmj 3y ago
  It's absolutely about NIMBYs, but I wouldn't blame "NIMBY politicians" as they are responding to the demands of their voters (else they fairly soon wouldn't be politicians). An interesting article about the UK has never really built houses, except for a very short time before the second world war: https://worksinprogress.co/issue/why-britain-doesnt-build https://worksinprogress.co/issue/why-britain-doesnt-build If we haven't built sufficient houses for this long it's hard to see what could change to allow us to build more.
- ako 3y ago
  The problem is that it's a location supply problem, rather than a housing supply problem. People all want to live in the same locations, that are already full of houses.
  - JambalayaJim 3y ago
    Toronto is full of single family homes, right in the heart of the city. This should not have happened. You should be able to density.
  - CapstanRoller 3y ago
    As part of housing reform, we can also make more locations worth living in. There are plenty of small towns that could use the help (e.g. the Rust Belt)
- pjc50 3y ago
  > realize that, when you restrict supply in the face of rising demand, prices rise. Everyone knows this, so as long as there's a majority of homeowners who benefit from pushing values up, the problem is going to get worse.
rchaud 3y ago
If you read the article, there are already restrictions on purchases. This 30% pertains to people that have taken out a mortgage on a property, when they already have an existing property mortgage. What case is there for restricting that?
- robinson7d 3y ago
  I’ve read the article but don’t see details on there about Canada having restrictions on buying homes. Can you elaborate on what the restrictions are, outside of the price being too high for many people? I imagine the person you’re replying to means restrictions more along the lines of limits on one home per person, or increased taxes on secondary or investment homes, or restrictions on who can buy an home, etc.
  - robinson7d 3y ago
    Replying to myself because I see it now: > Instead, Ottawa has targeted foreign real estate buyers with a ban on purchases until the end of 2024.
- deleted 3y ago
  [deleted]
sensanaty 3y ago
I know in Indonesia it's basically impossible for a foreigner to own land. Of course there's workarounds, but for the most part you at least need to have some local connections for some time to be able to access the less-than-legal workarounds, so it's still quite good
Someone1234 3y ago
Or "break" and allow more people to WFH. Government are some of the largest employers in most areas. You WFH as many employees as possible, and you will see a measurable decrease in traffic, improvement in air quality, and reduction in urban housing competition as WFH employees can move to lower COL areas. But many of the housing benefits are only possible if it is permanent WFH. The problem during COVID was that employers weren't willing to commit and therefore employees has to maintain the ability to resume commuting. It is strange to me that WFH isn't brought up relating to housing affordability.
modzu 3y ago
it would be nice if it werent sustainable and something had to change. unfortunately i don't see any reason why it cant just continue to get worse. it could get a lot worse.

I do wonder what country will be the first one to ‘break’ and implement restrictions on buying homes. The current situation is not sustainable, and soon something will need to give.

marticode 3y ago

Plenty of countries do, for ex in Asia see Thailand, Singapore, Indonesia, Vietnam, etc.

deleted 3y ago

[deleted]

likenesstheft 3y ago

[flagged]

spicymapotofu 3y ago
The political environment has associated that stance with right-wing Conservatism, and while that party does hold that belief, it's looked down upon by the Canadian centrists/left-wing parties. I'm not sure how to describe their solution to this issue, because I'm not sure there is a stated plan.
- likenesstheft 3y ago
  [flagged]
pjc50 3y ago
The real figure seems more like 500k, or about one percent per year. https://en.wikipedia.org/wiki/Canada_immigration_statistics https://en.wikipedia.org/wiki/Canada_immigration_statistics Which categories of Canadian visa do you want closed?

goethes_kind 3y ago

Governments should just build a bunch of socialized housing and rent it at a rent just high enough to offset the expenditure (i.e. way below private market value). That would put downward pressure on rents. That is what Vienna did and they are the only popular city in Europe without a serious housing crisis.

lokar 3y ago
No need. Just upzone lots of land and developers will do it for you.
Kalium 3y ago
I think that may depend a great deal on if you consider a years-long waiting list for socialized housing to be a serious housing crisis. For my own part, I'm going to say that Vienna's approach has not actually solved the key supply problem.
- goethes_kind 3y ago
  The point is not to get the socialized housing yourself. The point is that the private market rent prices go down, which is objectively true of Vienna.
  - Kalium 3y ago
    Yes, I follow the point. I am disputing your characterization of "popular city in Europe without a serious housing crisis". On the strength of available evidence, Vienna has what can be fairly described as a serious housing crisis.
carom 3y ago
That would be so perverse if the government gave itself a monopoly on building housing. Just change zoning and make it legal for the private market to meet the need. Look at all the builders remedy projects in Santa Monica to see that this works.
- 3y ago

amscanne 3y ago

Canada has already banned foreign buyers, in some cases even if they are legally living/working in Canada. (This is despite the fact that it’s mostly an ongoing domestic speculation problem, as indicated here, … and despite the fact that Canadians own billions of dollars of property in the US and elsewhere.)

jseliger 3y ago

I do wonder what country, besides Japan, will be the first one to 'break' and realize that, when you restrict supply in the face of rising demand, prices rise. The current situation is sustainable for as long as voters keep voting in NIMBY politicians. Something may give, but something may not. https://www.mcsweeneys.net/articles/i-will-do-anything-to-end-homelessness-except-build-more-homes https://www.mcsweeneys.net/articles/i-will-do-anything-to-en...

rwmj 3y ago
It's absolutely about NIMBYs, but I wouldn't blame "NIMBY politicians" as they are responding to the demands of their voters (else they fairly soon wouldn't be politicians). An interesting article about the UK has never really built houses, except for a very short time before the second world war: https://worksinprogress.co/issue/why-britain-doesnt-build https://worksinprogress.co/issue/why-britain-doesnt-build If we haven't built sufficient houses for this long it's hard to see what could change to allow us to build more.
ako 3y ago
The problem is that it's a location supply problem, rather than a housing supply problem. People all want to live in the same locations, that are already full of houses.
- JambalayaJim 3y ago
  Toronto is full of single family homes, right in the heart of the city. This should not have happened. You should be able to density.
- CapstanRoller 3y ago
  As part of housing reform, we can also make more locations worth living in. There are plenty of small towns that could use the help (e.g. the Rust Belt)
pjc50 3y ago
> realize that, when you restrict supply in the face of rising demand, prices rise. Everyone knows this, so as long as there's a majority of homeowners who benefit from pushing values up, the problem is going to get worse.

rchaud 3y ago

If you read the article, there are already restrictions on purchases. This 30% pertains to people that have taken out a mortgage on a property, when they already have an existing property mortgage. What case is there for restricting that?

robinson7d 3y ago
I’ve read the article but don’t see details on there about Canada having restrictions on buying homes. Can you elaborate on what the restrictions are, outside of the price being too high for many people? I imagine the person you’re replying to means restrictions more along the lines of limits on one home per person, or increased taxes on secondary or investment homes, or restrictions on who can buy an home, etc.
- robinson7d 3y ago
  Replying to myself because I see it now: > Instead, Ottawa has targeted foreign real estate buyers with a ban on purchases until the end of 2024.
deleted 3y ago
[deleted]

sensanaty 3y ago

I know in Indonesia it's basically impossible for a foreigner to own land. Of course there's workarounds, but for the most part you at least need to have some local connections for some time to be able to access the less-than-legal workarounds, so it's still quite good

Someone1234 3y ago

Or "break" and allow more people to WFH. Government are some of the largest employers in most areas. You WFH as many employees as possible, and you will see a measurable decrease in traffic, improvement in air quality, and reduction in urban housing competition as WFH employees can move to lower COL areas. But many of the housing benefits are only possible if it is permanent WFH. The problem during COVID was that employers weren't willing to commit and therefore employees has to maintain the ability to resume commuting. It is strange to me that WFH isn't brought up relating to housing affordability.

modzu 3y ago

it would be nice if it werent sustainable and something had to change. unfortunately i don't see any reason why it cant just continue to get worse. it could get a lot worse.