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If a house in a popular area sits dormant, that's one less unit available to house the general public. Reductio ad absurdum... if rich Chinese businesspeople b
by alistairSH 3y ago
If a house in a popular area sits dormant, that's one less unit available to house the general public.
Reductio ad absurdum... if rich Chinese businesspeople buy every home in Vancouver (strictly to park money, not live or rent), nobody who works in Vancouver can live there and everybody has to commute from the suburbs.
Edit - at an indivual level, you're right, who cares. At a policy level, ensuring reasonable housing for the general public is a good thing.
- cycrutchfield 3y agoIf people want to buy houses and not live in them, more power to them as long as they pay their property taxes. Housing is not a finite resource, more can simply be built as long as there is demand for it. At a policy level, we sure are spending a lot of time worrying about the fraction of a percent of houses that are not being rented and not nearly enough time worrying about why not enough new housing is being built to meet demand.