I’ve heard that Mark Carney wants to ‘bail out developers’. It looks to me more like David Eby wants to help out people who can’t afford to buy a first home—but then spin, vibes, and ideology got involved. :-(
I’ve heard that Mark Carney wants to ‘bail out developers’. It looks to me more like David Eby wants to help out people who can’t afford to buy a first home—but then spin, vibes, and ideology got involved. :-(
This is just the craziest idea ever. You can’t make homes more affordable while at the same keeping the prices high. This oversupply of condos would have pushed prices down because they aren’t selling. Carney jumps in and buys each one for $650K each. Makes no sense.
Where did you get the number of $650K each? Do you have a link?
$1.45B divided by 2,200(number of units)
That’s not what I heard from the interview with Carney. First, most of the money is coming from British Columbia. Second, that number is for a fund and there’s no commitment to spend a penny of it unless the condo owners are under significant distress and are willing to sell at a loss. Did you read my article and if so, did you watch the interview with the Prime Minister?
The condos are unsold. The condo owners here are large developers.
Yes. And Carney said the idea was to buy the condos from developers as a distress sale. That means buying the units for less than it cost to build them. That is not a ‘bailout’. This is what I mean about it being hard to discuss public policy if people’s understanding comes from vibes and ideology instead of looking at what people say and do.