this post was submitted on 19 Feb 2025
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Canada
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It's actually more an issue with the financial system we created rather than the physical system. If homes are supposed to be an investment, by definition they need to increase in price faster than inflation. If something increases faster than inflation, it will always eventually become unaffordable.
You're right about them not being willing to accept a 50% cut, but there is no possible way to preserve existing home values AND reach affordable housing, they're incompatible with each other. This is why political parties are not actually trying to make homes affordable though, they have chosen to side with existing home owners because they're a larger and more powerful voting group.
The banks aren't going to write off 50% of the mortgages they hold either... that level of default would literally bankrupt every single one of them.