And what would you say is the cause for that? I would generally say it is people trying to protect their existing investments in housing.
It sounds crazy today, but the vastly poorer US society of 1960 supplied pretty everyone with an indoor place to sleep and call home.
I'm American so I can't speak to the specifics of what happened in Canada, but I imagine it is similar to what happened in the US.
It is all related to the post-war suburbanization of the population. In the early part of the 20th century, homeownership rates in the US were in the 40% range. By the 70s it jumped to roughly 65%. Large swaths of the population went from being lifelong renters in cities to buying single family homes in the suburbs. Owning a home became a symbol of American middle-class life and the government both supported and encouraged this transition. Obviously a constituency that makes up 65% of the population is going to see more political power than one that only makes up 45% of the population.
1960:
Pop: 3,034,949,748
%Urban: 34%
2020
Pop: 7,794,798,739
% Urban: 56%
https://www.worldometers.info/world-population/world-populat...I think it was more a case of upgrading to modern sanitation standards etc.
That said, I have no real detailed knowledge, and would be happy to learn how wrong I am about this :)
The insanity of "we can't let you have a bad X, so you get no X!" is one of my least favorite things in this era...
On the other hand, flop houses aren’t economical to run anymore, and the drug problems (especially with decriminalization) have gotten much worse. It’s not clear they can work like they did in the past.
> The end result is we have collectively refused to build enough housing to keep prices stable or decreasing
This is not the result of a hushed down societal decision. The refusal to allow housing construction the cause of the ever increasing prices. As so often, it comes down to basic microeconomics: If you limit supply while demand rises, prices will constantly go up.
I do agree that foreigners, like anyone else, buy homes as speculation because they're guaranteed to increase in value.