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this post was submitted on 14 Oct 2023
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Well that's interesting. That seems like a pretty sound argument - we want less consumer spending, except on housing where we want more, so you need to offset the impact of rate hikes in just that sector. Or maybe we could try an alternate way to cool the economy, besides interest rates? It'd be risky though.
I still wonder why we have this problem in the first place. It sounds like our construction industry is unproductive for it's size but I can't fathom why.
The thing everyone keeps forgetting somehow is that the goal of capitalism is to make profit, not improve quality of life.
The role of government is to regulate capitalism so that the profit goal and the quality of life goals end up being the same thing.
Unfortunately government isn't doing that right now because the number of people benefiting financially from this market distortion is larger than the number of people being negatively impacted. 65% of residential properties are still owned by the family living in them. That number will go down over time, and the government will bring in more regulation to re-align things, but we simply aren't there yet.