this post was submitted on 23 Jun 2023
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At least here in Canada, I think the economic split between homeowners and renters is going to become massively painful. The government needs to step in and take dramatic action to fix this problem, but doing so could theoretically tank the price of housing, and with so many people having bought at super-high prices, a significance portion of the population (also, the majority of whom have lots of wealth) might get royally fucked. The government might have to make a decision about which portion of the population to protect, and which to sacrifice.
It's true. There's a real class and generational conflict going on in Canada.
Between the baby boomers who hold the majority of the wealth by sitting on expensive housing property, a handful of actual rich people who are the only ones able to purchase housing property, and the rest of us who can barely afford either rent or property, there is a lot of tension going on.
I mean there are now two generations who aren't able to make ends meet even with high education and what are supposed to be well paying jobs. The millennials are reaching 40 years old now and are still trying to save for a down payment on a god damn home. While gen Z is being jerked around by receiving shit pay because they're young adults who supposedly "lack experience".
The problem is the government has been protecting/supporting one group for a long time to the point that everything is now "too big to fail". Government continue to create investment materials that can't fail -- and anything that can't fail will create a bubble and destroy everything else. That investment in Canada was housing. Now it's like over half our GDP is housing investment. And why invest in anything else? Nothing else is as risk free.
I feel like the collapse is never going to come.
When people can't afford to live, the collapse is already here, it's just covered up by a band-aid of bread and circuses.