Airbnb Hosts Vs Renters – My Reaction (Housing Crisis)

0:00
What’s up guys, for today’s video, I found something pretty interesting. This is probably going to be a pretty heated video, I found a video on the CBC it’s a popular news outlet here in Canada for any of you non Canadians. And they basically got two Airbnb hosts and property owners and to renters to sit down at a round table and share their thoughts on how Airbnb plays a role into the housing crisis here in Canada, rising rent costs, lack of affordable housing, that sort of thing. So very, very different sides of the spectrum with two people being real estate investors who own short term rental properties area Bs, and to be will being renters who are having a tough time finding affordable places to live. So as personally, I rent where I own and I invest in properties that generate income, I like the freedom that renting gives me so I stay as a renter, and I recommend that to a lot of people, maybe I’ll do another video, breaking that down and sharing my thoughts on that. But as both a real estate investor and someone who rents the place they live in, I feel like I’ll have a very interesting take on the two sides of the coin here. And I’m just excited to jump in and kind of understand both sides of the equation and see where I maybe agree or disagree with certain points to get brought up. So with that being said, let’s go ahead and jump right in. I’m sure there’s gonna be a pretty interesting video

1:28
as this is happening,

1:28
I’m gonna let it sink in for sure. Especially getting better. I would sort of exploit something it was a basic thing, right? You’re paying more for your bread full while your job why looming over your resume, expect me to work for the money trade.

1:38
I want to get on my mortgage, I want to, you know, be able to get ahead, we cannot let the market go to the Wild West. So facts Canadians are struggling to find housing. That’s not the news to you as a matter of affordability and stop. But we do keep wondering what else is there to the story to want to be for example, do short term rentals contribute to this crisis? Well, the answer it depends what side of the table you’re sitting on in studio, we have a table with Airbnb hosts and renters. We also have Armenia LeSean, The Economist backstage listening it so we’re gonna have a conversation and trying to sort this out. Standard reading. Are you doing it? Okay, Christians. Amanda, shoot me, Brendan, thanks for being with us. And just can we just start off with a bit of a gut check here? Hand off? Do you think the answer is yes. So the question short term rentals are contributing to housing crisis. Okay, well, I mean, we should entirely be surprised.

2:19
Alright, so already pretty, pretty divisive. To be able to think that it is contributing to housing crisis two people think it isn’t. I think that it’s pretty irrefutable that Airbnb is contributing to the housing crisis, like economists have literally measured this. The thing is, it’s such a small, small, small impact. There’s a study where it’s like, for every high I’m in I mean, butcher the numbers, but it’s something to the effect of like for every 1000 new listings on short term rental, it makes like a fraction of 1% of a difference in rent costs. So the reality is like, in my opinion, it’s pretty irrefutable just looking at the data, looking at the numbers, that short term rentals do play a role in the housing crisis. But I would, I would stipulate that like, I would, I would at least assert that it’s such an insignificant role that it plays that it’s certainly not where energy ought to be focused when it comes to solving that problem. So anyhow,

3:19
it’s in that both of you are tenants right now.

3:21
So Kristen, your your body language suggests there’s no way to think as far as obviously I Felina I think I’m about more than a foot operator. So I see both sides of the story. I think you shouldn’t just hope for the housing crisis, five, six years ago, I’m gonna go to the industry before 30 Somebody says literally be looked at or the rent explores a much like not only I will call the census, but how that evolved, like, and what about the let’s go

3:43
short term rental, that we make way more income. So quality of life goes up when you’re renting short term and a whole bunch of other benefits to short term renting. Not having to deal with evictions, not about property damage, all sorts of great stuff,

3:56
places that you rent out as long term rentals. Are they going to stay in? Ultimately?

3:58
Yes. But slowly, and I will come running up to those.

4:02
Okay, so how does that land with the tenants in house here? It’s really hard to grasp the crushing reality of how expensive and living it is, like, almost everyone, everyone plays the landlord. Because you’d have to go and yeah, everything underneath was our triple when we think about traffic and abandonment is I’ve

4:17
just got to I’m gonna throw a flag on the play and say, like, I understand as a renter, the costs going up. It’s like, yeah, kind of sucks. But that’s just the reality. Like that’s not because of Airbnb, like, correlation doesn’t equal causation. And so it’s not because of Airbnb. The reality is, it’s because the government handed out a ton of money during the pandemic. And now we’re dealing with inflation because the government has to print a whole bunch of money to keep up with stuff. So it’s like, yeah, it sucks, but like, that’s the reality. Like, you know, these people may have been people that benefited from some of the handouts of like that. And so like, it’s just a reality like, and I’m I’m all for it. Helping out the disenfranchised, helping out people who need more like, I’m not the type of person just myself personally, who tends to complain a whole lot about taxes, like, it’s just a reality. And I think it’s like, it’s totally valid to help out our fellow fellow citizens and our fellow human beings. But it’s not, it’s not because of Airbnb that your rent is going up, it’s because of inflation, it’s because interest costs are low interest rates are going up and let landlords have to increase the rent in order to keep up with that, because otherwise, they’re just going to not have any money, like they’re gonna have to sell the property, they’re gonna go bankrupt. Like, there’s just no real way around that.

5:38
In a business modeling, each vendor, we actually offered six months in advance $24,000. And despite offering that we got rejected, we found out the beginning that was a person who offered these all five, six months, and they’re turning into renewables,

5:52
which is sick for a landlord, because it means that they don’t have to deal with like renting out a whole bunch of different units from people. Now, there’s also additional risk in doing that as a landlord, because if this person miscalculated, and they can’t actually keep their business afloat, then now all sudden, all sudden, all of your units are going to be vacant at once. So I don’t necessarily recommend doing that if you’re the landlord in this position, but I can understand why they did it, because they were probably struggling to keep up with their mortgage payments, because a lot of people bought properties that they really shouldn’t have, because they can’t afford them. And they were, you know, not cash flowing super well. So I mean, fair enough, like six months rent up front for one unit, it doesn’t actually solve the problem like it does, it doesn’t actually help that landlord get into the spot that they’re in, if they had all their units vacant, you know, who wouldn’t want to go with the person who can solve that problem right away?

6:43
This is happening, I’m gonna move out of the city for sure.

6:48
We’re in a situation with hundreds of Lynchburg city across Canada, I don’t think you can really afford it this little tenants can afford for any of the housing to be given up to superfluous cars. I mean, I totally understand helps you get a better quality life. But that comes at the expense of other people being able to afford to live in sort of basic standard of living and think about medical, but why is that Christians responsibility,

7:01
right? Like you say superfluous, you might say, hey, that’s fine.

7:04
But then it’s okay. So then I’m sure we turn every like every shopping mall into housing, right? Because like shopping for clothing, like for nice clothing, luxury goods, like every luxury shopping mall, that’s just superfluous. So like, should the owners of those properties not be able to make money? Like, you know, that’s kind of one of the the pillars of capitalism that we’re talking about here. And you’re talking about uprooting that. Like, that’s a pretty drastic shift away from the way things are going. I think, again, I understand the struggle of like, of not seeing a good, a good other option, but there certainly are other much better options that solve the problem more effectively than just saying, hey, look, you shouldn’t be able to make money in in a capitalistic way.

7:49
Why does he have to take that on?

7:51
I mean, so I think that’s something it comes down to sort of a personal morals and ethics, I would be looking sort of something that it was a basic human right, everyone should have a right to do housing for Long Islanders have done the fundamentals, plenty money. So I’d like to talk about your Hey, once

8:03
again, I think that I think that where I understand where he’s coming from, and I think that to a certain extent, again, it just totally depends on your own, like political views. I’m not trying to overly politicize this video. But I think that the argument of, hey, you know, housing is a basic human, human right or need, and that we should provide housing to people that need it, I think it’s totally fair to believe that I think like, honestly, I want to live in a world where people have housing and have their basic needs met, and we can all be happy and love one another and everything else. But I don’t think that the responsibility for that falls on one individual within the system, I don’t think it’s fair to paint this guy as like the cause for that. I think it’s like, no, we have to make a cyst, systemic change here, if we want to make a change. So it’s got to be the government, or it’s got to be someone stepping in and going, Hey, we’re going to make it easier to build affordable housing, we’re going to remove some of the red tape and the bureaucracy around like trying to get housing built. So we can actually build more homes and houses these people. Rather than restricting further restricting what property owners can do with their property, which hasn’t been working so far. Let’s just open it up and make it so that we can actually just have enough housing to go around and have enough housing so that people can, you know, rent it short term, do what they want with it. I think, again, it’s one of those things where fundamentally, I believe that actions flow where incentives flow. So if you put the right incentives in place, that landlords will actually see a reason to have long term rentals. But right now, it’s like it’s so challenging to be a long term rental landlord because you’re dealing with bad tenants that you can’t get out of the property without a multi month eviction process. There’s no real accountability to those bad tenants where you know, that landlord has now just high and dry out of their money, and they’re taking on big risks. So it’s like, why would they bother doing that? And then suddenly, no one’s gonna buy real estate, if they can actually profit from it. Like why would you go through the hassle of putting your money at stake, taking on financial risk taking on financial stress, if there’s no payoff at the end of the day, if you can’t actually profit from it the way that you want to, and that you’re only going to be met with more headache when it comes to evictions damages all these other things, like there has to be an upside there, there just has to be

10:20
what kind of payment made once we’ve been on vacation after stress work overtime. This is I think, a big reason why people were switching to Puerto Rico because if you’re there may be graphics folks or other regions all over there. It as far as always comes you’re trusting you’re outsourcing minutes,

10:34
I feel like you may have empathy on both sides of the table here. I do I do. So in Calgary, we have a townhouse and ranch and we have a wonderful picture there and and it gives us peace of mind. Prior to us starting our Airbnb, we had rented it to someone to actually demonstrate property and had to put in money to get back to it. And already we’re state. So we thought you know what this is, this is a great opportunity for us to try Airbnb. And it really gives it does give us that peace of mind that we are connected when there’s a situation that we might not be able to collect from a renter, we did we chose Airbnb, because mostly, it is such a huge player, they maintain that 53% of hosts are a bit like you and then they use the platform strictly to deal with the rising costs. That’s so variable, mortgage rates that are going up, the prices go up, there are hundreds, if not, so for us to really just be able to kind of have that offset, it’s quite a nice advantage. It is really hard when we think of housing as investing commodity, too. We descend from art, like the reality of it is to shelter the basic need for people. And we kind of forget the human out there. I think that’s a really big issue. Well, I

11:22
have to disagree, because I am actually I try to be spirit and honest in my eyes and everything if there was any changes have been monetized. I’ll miss out often I want to just get out visual, but I’m not circling, you are not more profitable in a better position. Because, you know, 10 years ago before just before prices went bananas, and I knew it because the water broke off, you’re hoping for London gold at the unit. And is it fair to say that,

11:43
right. But there’s nothing wrong with it being financially beneficial, like in order to justify putting the money into it and taking that risk, there has to be financial upside, right, the better solution here would be that the people renting can actually afford to buy. And the only way that we’re going to be able to make that possible is by increasing the supply of housing, because there’s just so much demand right now for housing, and there’s very little supply in comparison, that is just economics 101, that means the prices are going to go up. So it’s not affordable for these guys renting to be able to buy which is the fundamental problem. But in order to do that, we just have to increase supply, we have to make it easier for people to build affordable housing for people that build more housing in general. Right now, it’s a bit of a nightmare with all the red tape that there is in Canada. And so again, it’s just like, I understand that the the mentality here I understand that the stress and the frustration, I just think it’s misdirected on the part of the renters. Guys just want to take a quick break here to say that for those of you watching, who want to build cashflow, and long term wealth by purchasing Airbnb ease and short term rental properties, there’s a link in the description right down below for a free training that will walk you through my exact strategy for investing successfully in Airbnb. Now, if you’re not ready to actually buy properties, and you want to get started managing other people’s properties on Airbnb the same way I got started and build a full time income managing other people’s properties. There’s actually another free training linked in the description down below as well, that’ll be a really great fit for you. So whether you want to invest in short term rental properties and actually build amazing cash flow and long term wealth by acquiring the assets, buying the properties themselves, or you’re looking to earn a full time income managing other people’s properties on Airbnb, we’ve got some awesome trainings that are linked in the description down below. That’ll definitely help you out. When you sign up for the trainings, we’re also going to send you a few other tools and resources completely for free just to help you get started. Again, the links to sign up are in the description down below. And both trainings and all the tools are completely free. So make sure to register for the trainings, links in the description down below.

13:55
I’ll be financially called I’d have a million hours in health right now. I cannot be adults because I’m a hole of things today. Whatever. Now for the rest of us I’m gonna play where people start reaping the benefits of real estate immediately suburban and urban Some are older men today got by being with us that they should be doing there. Why don’t they decrease the time that a builder doesn’t wait for permits to build a beautiful story because it does occasionally Toronto was one of the longest weeks around the world I

14:17
believe for them to get permits to build that’s not a problem. Unfortunately for Jeremy anyway figure this out in the city like 50% of population rents and so with such a low vacancy rates, it’s low in this country it’s been in some 20 years and he’s like roughly 1% And how fast are you? You know,

14:33
I’ve been there for around three years in the same building and I know in the time that I’ve been there my market price for my unit has radically doubled and the most recent landlord or ticket resort approached me the beginning of include isn’t interested in my unit into Airbnb and I’m gonna throw you to building all of the other unit their communities so absolutely you feel it’s not that musician where I feel like I have to be extra good 10 to have my best I should you know take the whole lectures up I take care of garbage for theories that are you know, I take the bins out or whatever I actually think you’re I’ll never look at gold. I’d like to know I mean that is there that those are political. I’ll never have you read those because I think you really consider massive I steps to building by the other end of this if you’re building single family homes or condos, or when my payments going from $100 to $3,600, companies are going up every year. So whatever your premiums are going up, that’s like we’d expect dentists will say, Hey, I’ve been here for 20 years I’ve been here. Well, toll road has been your order, you read it, you finally create some new stuff.

15:19
I do you want? Yeah, because again, you got to remember, like, in, in real estate investing, if you’re doing long term rental, your your income is relatively fixed, you know, in Canada and a lot of different areas, they cap the amount that you can increase rent every year, like it’s actually illegal to increase your rent more than a certain small percentage each year to keep it affordable for the people renting. But it’s, it’s okay for the lenders for the banks to increase your mortgage rate, right? It’s, it’s okay for your property taxes to double in a given year. So your cost basis is going up and up and up and up and up. But your income is only slightly increasing every single year. So every single year, you’re just losing more and more and more and more margin, right. And like this guy is saying you can’t pull on your equity out because you can’t qualify for the new mortgage a lot of the time. So it’s like, yeah, it just doesn’t really make a whole lot of sense. Right? Like it’s a it’s a fundamentally pretty broken system, which is why we’re seeing what we’re seeing.

16:19
And Tosca like these issues that you have, when you say that they’re a majority of your tenants are a minority. Okay, I’ve heard a minority, however, damages, has been pretty consistent. Just, you know, it’s like, I feel like I hear this thing a lot from the Lord’s not saying our ends in the world, they’re in the minority. And so I think it’s been blown out of proportion that I need to use Airbnb as a crutch, because every tenant is this to my rescue, you’re profiting off of this housing of the business, the cost of the business from

16:42
it. But again, it’s just like, if you introduce that additional risk, why would someone take it on when they have the option not to, it’s again, it’s just incentives, right? If you have that risk, sure, it might be a low risk of me getting a bad tenant that’s going to financially destroy me, because they’re going to take a long time to get evicted. And they’re going to, and they’re going to damage the heck out of the property. But I don’t know about you, I don’t know what this guy but like, if he had money saved up that he’s worked really hard for to get ahead, you know, with, with rent costs being away they are cost of living being what it is, like he’s working hard to get ahead, is he gonna put that money at stake and go, You know what, I’m going to rent long term, even though there’s a risk that I’m going to lose everything, that it’s going to undo the years of hard work that I’ve done and set me back on my financial future? Am I going to take that risk? For no good reason, when I don’t have to when there’s a better option out there, where I can rent short term and never have to deal with an eviction have $3 million of protection against any damages? Like if I can mitigate that risk? Why would I not? It would be crazy to not do that. So to say that? Oh, yeah, it’s a small risk? Well, it’s a small percentage chance of a really big impact. So again, like, you’d have to be very risk tolerant to look at that and go, Yeah, I’m willing to risk that, I would just be crazy.

18:09
Personally, because of the mortgage, I’m just gonna say, if they haven’t discovered the

18:13
right, man, this guy’s like, in my brain.

18:17
But the fault gets in the Euro, you have to declare bankruptcy. So that’d be more of a long time. And when you’re late for my point is that that has happened to you. And it probably won’t happen to you. And I don’t think that it’s because you’re using or maybe it’s because generally speaking, you’re in a profit business model, and you’re gonna just totally get into yours.

18:32
It’s not a profitable enough business model, though, like long term rentals are not profitable enough that you can afford to just have a tenant, that sours the whole thing, like you said, it can literally financially ruin you, which is why long term rentals are so risky the way most people do it, and why we see a lot of people going over to short term rental wine to do it. Like I don’t know that this guy has actually run the numbers and seen how much capital you have to put in just to buy a property and what the actual margins are. It seems like he’s speaking outside of his kind of domain of expertise, because he’s saying it’s profitable, but I doubt that he’s ever actually looked at the numbers and seen how thin the margins are with long term rental properties,

19:16
possibility to kind of solve the social woes of Canada with housing we also shouldn’t talk about this wasn’t healthy for the people that are selling this but he doesn’t like it. It’s not their fault either. Okay, so this is where we’re almost at this is where we need to start something tration take a breath again I read

19:29
your study notes doc you soaking it up faster than he can do. Do you see any model anywhere that offers this solution? Okay, so we’ve established that we understand problem here it’s very personal. We need some solutions. We need a reality check. Perfect timing are immediately easy. Help us out here and we were listening and watching what’s tricky, how amazingly engaging the conversation is to all everything such an important aspect of something that is a problem for Canadians from coast to coast to coast. So when you say problem can can you give us a sense of where Canada sits there the rest of world and how big of a problem it is as a portfolio? Well, there are two features that are really quite unique for Canada. Number one is that the Canadian population is growing faster than any other nation in the last year. Isn’t I just have a ninja of more people coming into the country. And that’s great news for a lot of reasons. But really challenging when you don’t build housing at the pace that we’ve been permitting and welcoming people to come to the country in. The second part is that the 37 countries in the world, Canada is right last bottom bottom of the list. In terms of social housing, we have disinvested through governments and to Chris’s point about what is dominance or oh, this in every other country, governments responsible for building up your stock of affordable housing, we cannot expect the market to do all the heavy lifting on affordability. On the other hand, we cannot let the market go to the Wild West in terms of bringing up prices, because it’s good for you guys. It’s like like, I’m really torn in the stories, that’s for sure. What in terms of short term rentals, though, I mean, anecdotally, it can feel if you’re a tenant, it can feel like they are adding to that as a crisis. But you know, from the time I was first asked to be part of this, and I started looking at the data, we got to 2000 lontar listings in Toronto, that is less than a month, two dozen new listings have been added to Airbnb sticking out, we cannot build that yet. We’re taking too long to do it’s just been a couple years. So you know, stop you sticking it out faster than it can be built. We have a problem in a city like Toronto, where rent went up by 20%. For a bachelor unit rent went up by 16% for one bedroom and three bedroom units compared to a year ago.

20:56
Those debit you got to ask yourself again, like that is a symptom. It’s not the root cause you got to ask yourself if if people suddenly started transitioning over to short term rentals in a much in a very accelerated way. Why? Why did they do that? Right? Well, the answer is because housing went way up, right? Like the cost of that the cost basis of owning that property went way up, because so many people were in variable rate mortgages. And because we gave out all these handouts, and we have all this inflation, now we have to have this increasing mortgage rates, right. So like, we can’t act like this just happened out of nowhere. And it suddenly 2000 Airbnb, like a 2000, landlords just went one day woke up and said, I’m going to put my property on Airbnb instead of long term rental, like, the reality is they did that for a reason. And we have to address the root cause and treat it as a whole system. We can’t look at anything in isolation. It’s it’s like, it’s like waking up and going, Well, I’m fat today I’m overweight. You know, it’s not because I didn’t work out didn’t exercise in eight wrong for the last two years. It’s just because I’m fat today. Like, no, there’s a cause for everything, we have to reverse engineer and figure out what the cause is, so that we can address it not just be dealing with the symptom, right? Like, if you just go I’m fat, and I don’t know why, then you know, you go get go get surgery, get it removed, and you’re just gonna end up back in the exact same place, you’ve got to actually adopt better eating habits like So that’s done. Again, analogy I’m trying to draw, but like, you’ve got to actually look at the root cause of these things.

22:31
Rest without escalating, especially just on Airbnb alone, there are 50 dozen long term rentals available today. So if you were somehow by some magic wand able convert some of those into legit long term rentals, right a year or two years let people do when they need a place to live. That would add so much stock that it would reduce the pressure on how much rents are rising. So you might be making money you went into Kami, or just totally legit. Totally understandable, has this ripple effect from real estate markets throughout the country, especially in major markets, but also in secondary markets. So you can see where the tension is coming in. Last lesson of the day tell us that in the unit you lived in have an Airbnb, but you also have another like long term rent rental property, which is our townhouse. And then we have our business suite and our home. And the long term tenant, don’t get it right that once that person leaves who you like, you see the advantages of moving to Airbnb. So starting, when we first started, it really was to offset our expenses. And you do use do see the benefits of it. And I’m not saying that I would evict anyone or someone but I am looking at at, I want to pay down my mortgage, I want to, you know, be able to get ahead in a way. And so the the estimate would be attractive to do so

23:27
yeah, I think it’s within your primary residence. I think it’s maybe a different story. But I think it’s a secondary property as a tenant, of course, I’m biased, but that are all on our market.

23:35
I mean, Airbnb was launched if he doesn’t Senate, and it was precisely to help people offset their costs and manage who they had in the house and a little bit more control. It has gone out of control.

23:42
Everybody has been in a variable if it’s raining Adamic 40 to 50% increase in the payment.

23:48
100%. And I’m not arguing with you that if the money is there to the night, it’s like kindling for a baby. Why wouldn’t you take it? That’s why the new regulations printed so right arrow business, that’s how you describe and you make your money through real estate that has risks

23:59
again, this routing, why instead of instead of them reading through the offers and representing the years on why did they not read your percent of the time you can adjust their living, by the way just about caravans that’s like, I think we’re presented a time but their wages don’t go up. But you got to do about it. Look, it isn’t somebody else’s problem isn’t I think it is our problem that we can have a regulation just for a moment.

24:15
I think if you’re if you’re reading the news, and you’re you may have heard people talk about Quebec, and Quebec is trying new regulations with Airbnb, but one of those regulations are not going to work. So that’s a new introduction is to make people more accountable for how he’s running his business. He needs to register. And he needs to prove that the people that they’re getting are legitimately saying I wonder I have to say this isn’t a good operators and bad operators. It’s not enough places for Canadians to live. I think any solution has to be that if we have housing, plan and design build for housing that shouldn’t be turning to sell. Do you see any model anywhere that offers a solution? The only model that exists anywhere in New York City it is in places like Quebec that is really cracking down and we could actually bring it further along in a place like Toronto is to really make you much more ruthless about your business model to prevent look at your writing. It’s not being regulated in divorce enough. Why are there any little those things now? But that is the way we have to go. Sometimes the most absolutely blindingly simple business Yep, I

25:00
just like so wholeheartedly disagree with this whole thing. Because the reality is, if you do that, then suddenly it’s no longer affordable for it’s no longer beneficial advantageous for people to own long term rentals. The only reason if you if like, if you own a long term rental, and you can’t keep up because you’re not allowed to increase your rent enough, so you can’t keep up with the cost of owning it, then the only advantage to maintaining that real estate to holding on to it is the appreciation of the property. Right? Because you can’t reap the reward of the equity, the principal paid on the mortgage, you can’t actually access that money. Because a lot of time, you just can’t qualify for like for a refinance. If you if you have a million dollars with equity in your home, no bank is gonna lend to you at the current rates and give you access to that capital. So you’re just banking on it one day selling for more. But that’s not a guarantee. So why on earth would someone put up let’s say 100, or $200,000 of their hard earned money, and agreed to make monthly payments of several $1,000 with the hope of getting a renter in there and take all of that risk on with no guarantee of an upside. Like people just aren’t going to do it, it’s not going to happen. And so like, you just you just got to deal with the affordability like the margin in there, you’ve got to add more supply, if you can’t incentivize people adding more supply and make it again, advantageous economically. The reality is we live in a capitalistic society, in Canada here, like we believe in capitalism. So you’ve got incentivized capitalism, you’ve got to make it profitable and realistic for people to build new stock. If you want to add new stock, it’s not a matter of cutting off capitalism cutting off the free market regulating it, it’s a matter of enabling it more. Now, again, like that’s just my take on it. I understand that some people will disagree. But to me, it just seems crazy that we’re looking at a at a problem that fundamentally has to do with the supply and demand of housing. And if we look at that, we identify that demand is increasing because more people are coming to Canada, which is great. And we want to keep supporting that. But supply can’t keep up and you go Why can’t supply keep up? Oh, it’s because of bureaucratic red tape government regulation, not like just total bureaucratic inefficiency. And so we go, okay, let’s add more red tape to try to solve the problem that red tape is creating. It’s so counterintuitive to me that I can’t understand how someone could possibly look this way. It’s just I think, really what’s happening here is just a sunken cost fallacy, where it’s like, we’re on this path. So like regulation, oh, shoot, it caused issues. Let’s add more of it. Let’s try to patchwork it together. But eventually, you’re just going to realize that like all this patchwork of restricting the free market and the flow of commerce, it’s just not going to work. Now, suddenly, we don’t actually have a free market. And we’ve got all the downsides. And one of the upsides like I just think it’s, it’s just kicking the can further down the road.

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This decision that makes perfect sense for an individual business turns out to be suicide for an economy. It’s good for you. It’s good for you. It’s terrible for them, and they are looking at Christianism in balance up.

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Yeah, again, I just totally disagree with that. But interesting, I’d love to hear your guys thoughts, let me know in the comment section down below, I can’t imagine being a landlord who’s got rising costs and is going to take some kind of a moral high ground and just lose tons of money and hold on to that real estate. Just so that they can, like, you know, just so they can have a moral high ground, they’re going to just lose money month after month, dealing with the rising costs, not being able to increase their rent, take on all this financial risk, just so they can give housing to someone else and do a good deed for someone else. That’s just a huge burden, I think to put on someone, if someone wants to do that, that’s great. But I think that that guilting someone and pressuring them into doing that and telling them that’s their duty, when we pay the taxes that we do in Canada and we have the systems that we do in Canada like that, to me is just, it’s just crazy, but that’s just my thoughts. I wanna know your thoughts in the comment section down below. Let me know if you’d liked this video If you got value from it if you thought it was interesting, or even if you didn’t just hit that like button. I really appreciate that. Let’s do it a lot with growing this channel. If you want to stay up to date with the two new videos we post every single week, make sure you subscribe to the channel as well with all that said, thanks for watching, and I’ll see you in the next video.