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> Because in the US and Ireland financing for housing collapsed on 2008 and never recovered Honestly, I can't speak confidently to the US here, but the Irish b
by disgruntledphd2 3y ago
> Because in the US and Ireland financing for housing collapsed on 2008 and never recovered
Honestly, I can't speak confidently to the US here, but the Irish building rates were entirely unsustainable before 2008. Like, a fifth of national output was construction, which was definitely way too high.
The lag before construction started again (without the small builders getting bank financing) probably does explain some of the issue.
- alephnerd 3y agoUsually major building projects (eg. Toll Brothers type tract housing) are financed 7-10 years before the first sale. After 2008-12 happened, the entire financing industry for residential real estate collapsed, so large builders either switched to commercial or folded. > but the Irish building rates were entirely unsustainable before 2008. Like, a fifth of national output was construction, which was definitely way too high. Lotta corruption too on the Anglo Irish side by not doing due dilligence into connected developers like Bernard McNamara
- disgruntledphd2 3y ago> Lotta corruption too on the Anglo Irish side by not doing due dilligence into connected developers like Bernard McNamara Like, the whole nationalisation of Anglo is why I'm paying shed loads of taxes for crummy services, and you can trace basically half the problems of modern ireland back to that decision. Screw FF.