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Cake day: July 4th, 2023

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  • the upper end of the real estate market has been bought up by investors from the luxury hotel market (thanks airbnb) this has resulted in a downgrade in housing for everyone but investors. It obviously takes 5-10 years for new housing to be built and in the meantime people are becoming homeless, home buyers are stuck where they live as house prices and interest rates go up.

    You can fix this today by banning airbnb but its not an ideal solution and even that will take time. It will result in like boomers selling their second homes and airbnb companies selling. It won’t fix the speculation problem; we need public housing expansions to ensure the bottom of the market stays fluid which will drive house prices down if bottom tier renters have options.