I wrote this for a US bill that they’re trying to pass, but it might apply in Canada?
Corporation Plan
Step 1, US has a financial meltdown
Step 2, corporations buy up all of the housing at cheap prices, price fix the rentals and use a shit ton of them for airBNBs
Step 3, not worry about the empty units or homes because price fixing and airBNBs will fix that
Step 4, develop a crowdfunding site so “investors” can get in on the renting/price fixing game
Step 5, complain that there isn’t enough housing to get the zoning changed, so they can build “luxury” apartments where they continue to price fix or rent out to tourists/business people because they’re ToTALLy NoT A hoTEl!
Step 6, profit, profit, profit
Common Person Plan
Step 1, look to buy a home but there’s not enough supply so the prices go up
Step 2, try to save but their rent keeps getting raised because it’s being price fixed and there is a lack of supply (sometimes real because of the tourists)
Step 3, continue to rent while nervously waiting to try and build up a deposit and there’s less and less supply
Step 4, rent, rent, rent further away from the city core
I wrote this for a US bill that they’re trying to pass, but it might apply in Canada?
Corporation Plan
Common Person Plan
Don’t forget the mortgage rates are sky high so even people with 20% can’t really afford to buy. Corporations buy for cash.
That’s a really good point, what step would that be? Probably Step 3 for corporations. Do you mind if I add it to the list?
My one hope is that the meltdown is tied to commercial real estate, which will hopefully avoid this whole thing.
Narrator: It won’t be.