@HousingSpock @ericmbudd I’m not talking of your mom & pops flippers who are selling their old condo they outgrew, I’m talking about people who have millions if not billions worth of real estate in their portfolios.
The people/companies who will purchase to sell in 2-3 years then repeat the cycle.
@HousingSpock @ericmbudd But pushing densification from the side of adding more housing without proper regulation to make housing affordable and not another investment tool does nothing but make suburbs the more attractive option.
@HousingSpock @ericmbudd Where no one can afford to live will leave planners/policy makers in a scramble to approve new regulations. It’s always better to deal with issues before they become critical. (2/2)
@HousingSpock @ericmbudd People buying units to flip have pockets far deeper than 90% of people will see in a lifetime so it turns into a game of devs seeing units sell, building more and pricing them higher since they appear to move regardless. Waiting until it becomes a catastrophic housing issue (1/2)
@HousingSpock @ericmbudd 1. As a Canadian the Toronto housing market is a clear example of this in action. Units designed to be bought an flipped by investors.
2. If more smaller units are needed then we need to accept that suburbs are going nowhere as a sizeable number of individuals will outgrow them