This is Canada's version of the subprime mortgage crash in 2008. But instead of banks selling bad mortgages, Vancouver's collapse comes as a result of unchecked Chinese money laundering that began at least 30 years ago and extends back as far as 40 years.
When $300,000 condos are suddenly selling for $1 million+ you have a problem. Everyone who lived in Vancouver knew the market was doomed. In order for that type of inflation to continue, the money had to keep flowing. The municipal, provincial and federal governments would have to turn a blind eye or comply with what was happening. The banks would have to facilitate it.
The bubble deflation isn't coming as a result of government crackdowns—they were always more than happy to take their bribes. The banks were perfectly fine moving the money and the developers made billions. Nobody involved grew a conscience at any point.
What happened was the money itself slowed down. They simply ran out of properties to own and Chinese organized crime found other ways to move their cash. They turned Toronto's housing market into another bubble and bought our federal Liberal government via Justin Trudeau and Mark Carney. There's no reason to hide money in real estate if you don't have to.
Now the speculators have stopped speculating, the money launderers are moving onto other schemes and the average family in Vancouver can't begin to afford a million dollar shoebox so nobody is buying.
2500 empty condos in Vancouver. A multi-million dollar pit in Richmond. The right thing to do is let it all implode and allow the market to correct itself. Yes, people will lose money on the value of their homes and condos, but anyone who pays $1 million+ for a 600 sq ft condo should be aware of the risk.
Instead, Carney is going to bail out the developers who were very much part of the money laundering scheme and we're going to pay for it. This will give the bubble another year of life but it will eventually burst, and in the end, Canadians will pay for it again.
Dozens of public health and disease experts have signed an open letter in support of the nationwide anti-racism protests.
"White supremacy is a lethal public health issue that predates and contributes to COVID-19," they wrote.
https://t.co/yFjEN5VlVS
There's a common misconception that Brutalist buildings were unpainted, but thanks to microscopic analysis of the exteriors we can now recreate what they looked like in their prime.
Black women aren’t being nitpicky when they say “Say Her Name” shouldn’t be used for Renee Nicole Good. Say Her Name was created by Black women as a response to Black women’s violence by police and the erasure of those experiences, including us not knowing their names.
Late marxist “safetyism” discourse frames rejections of the ideology as “literally violence” by theoretically raising the potential of hate crimes, e.g. “transphobia is inciting trans genocide”. This position is arrived at by rejecting common law jurisprudence of punishing actions instead of perceived intent; core (founding father) liberalism in favor of a central control state, especially the basic rejection of freedom of speech (which does include “freedom from consequences”); and the rejection of genetics and biology in favor of a blank slate view of humanity, with “structural racism” expanded out into all domains of cultural marxism replacing any evidence based sociology to explain all inequality as hidden unprovable oppression by the hegemony eg secret microaggressions if not full conspiracy—making even minor public dissent actively responsible for all the ills in the world they witness every day. They do want us all dead for it, and the media and academia feels justified in lying aggressively misrepresenting dissident views to discourage their expression; with the many lower grade dullard footsoldiers following in line to secure petty sinecures. The dumb college girls brainwashed on tik tok are mostly being whipped up into rage from all this due to fourth wave feminist autonomy/abortion/welfare discourse which preys on their desire to be free from consequences and incentives to achieve “autonomy” by being subsidized by the state instead of a husband; the nu males follow; the minorities eat the handouts. It is not a real “leftism”, it’s marxism preying on prole emotions and incentives, seeded in America by the soviets and left to fester, as much hostile to the American left as it is to the right, just successfully in infesting and occupying the former to the point where it’s now zombie walking into its death. McCarthy was right and this could all be eliminated with any self-conscious effort, but it’s entirely a question of cleaning out the media and academia’s fourth and fifth estates.