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There Is No Housing Crisis | The Walrus
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this post was submitted on 07 Aug 2023
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I keep telling people baffled at the apparent inaction that two thirds of Canadian households own properties. If such a large majority of voters own properties, is it any surprise that no significant action that would hurt them is taken? Rather, things work as intended and non-owners are squeezed more than they used to be several years ago.
People don't seem to really care about their kids/grandkids being unable to afford housing. Or, at least, they care less about that than the value of their property continuing to rise fast enough to fund their retirement. Or, maybe, they have enough cash that they can help their own kids, so fuck everyone else, right?
I really think this is about generation divides in wealth; those who have parents able to front them 100K+ to put toward a down payment can get into the market and two the rewards of intergenernational wealth; those who don't are likely doomed to a life of housing insecurity.
My kiddos are young, but my wife and I are trying to ensure we'll have enough extra cash to help our kids but they're first homes. It's the only way they'll be able to afford to live close to us.
It's too abstract. They can't mentally connect their own economic success with everyone else's harm.