this post was submitted on 26 Apr 2024
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It's not profit, it's theft. It is profitable for a contractor to build a new house in a market like ours - even if the sale price is completely mismatched to the effort it took to build it those millions of dollars are going to people who made something they innovated a new object into existence.
Our market is one of theft, the elderly generation and the corporations they spawned to commoditize housing are robbing the young of the ability to invest in businesses or their leisure or starting a new family. The market needs to crash.
(Obviously, Canada is both reselling existing housing and constructing some new housing... but our construction sector is tiny compared to the resale market).
Yeah. Profit is what's left over after everyone who's done the work gets paid for their labour (including those with equity), so that means all profit is theft. Either the customer overpaid, or the workers were underpaid (or both).
There's a Chinese proverb: Winners are kings and losers are bandits.
I'm really not to hung up on the wording of how the money ends up in who's pockets most people think they're the good guy. I just wonder if really have to wait until things get so much worse before we can get a majority on housing affordability.