A lot of people in this thread are claiming that homeowners are not really rich. A bunch are citing some Marxist definition of “rich” or raising the bar to “never having to work again”. OK, fine: they’re “rich enough” to be a problem, then.
The truth is, homeowners in Canada have enormous power, both economic and political, and they have been advocating for policies at every level of government that have both exacerbated the housing crisis and grown their own wealth.
“But they’re working class because they can’t enjoy their wealth without selling their home!”
That’s just not true. Homeowners enjoy enormous privileges at the cost of renters, most notably blocking new developments, which homeowners do with passion. Their mortgages are guaranteed by the government, subsidized effectively at the cost of taxes by non-homeowners, i.e. renters. And homeowners have enormous generational wealth to pass on, which if we don’t address, will cause an economic caste system to permanently root itself. Yes, this is real wealth, causing real social problems. This article is right to call it out!
A lot of people in this thread are claiming that homeowners are not really rich. A bunch are citing some Marxist definition of “rich” or raising the bar to “never having to work again”. OK, fine: they’re “rich enough” to be a problem, then.
The truth is, homeowners in Canada have enormous power, both economic and political, and they have been advocating for policies at every level of government that have both exacerbated the housing crisis and grown their own wealth.
“But they’re working class because they can’t enjoy their wealth without selling their home!”
That’s just not true. Homeowners enjoy enormous privileges at the cost of renters, most notably blocking new developments, which homeowners do with passion. Their mortgages are guaranteed by the government, subsidized effectively at the cost of taxes by non-homeowners, i.e. renters. And homeowners have enormous generational wealth to pass on, which if we don’t address, will cause an economic caste system to permanently root itself. Yes, this is real wealth, causing real social problems. This article is right to call it out!