Carney and Eby’s Condo Bailout Is Crony Capitalism

Carney and Eby’s condo bailout is crony capitalism

Your tax dollars are being used to rescue wealthy developers from the consequences of their own market failures Ask what a government should do when a housing market finally begins to correct, when prices soften and buyers finally regain bargaining power. The answer is simple. Let it happen. British Columbia’s premier has chosen the opposite. David Eby, with Ottawa’s Prime Minister Mark Carney beside him, proposes to buy more than 2,200 condomin…

Letters to The Vancouver Sun: Condo purchase program a distraction with little impact on affordability

The real winners of the Canada-B.C. condo purchase program are the federal and provincial governments. They are hoping voters think they are doing something big — 2,500 units big — to improve affordability, and that it won’t cost taxpayers much, if anything.

Condo bailout is crony capitalism | Frontier Centre For Public Policy

The market was correcting British Columbia's housing excesses by lowering prices and exposing bad investments. Instead, Ottawa and Victoria propose rescuing unsold condominiums with public money, shielding developers from losses while delaying the affordability that market correction would otherwise deliver.