Is your house worth a million dollars?

said no rational person ever

Hank is Canadian, this is a situation predominantly in BC where housing prices spiked over the last few years due to foreign buyers and money laundering schemes, where a small 2/3 bedroom 1200sq ft. detached home would be priced over a million bucks, then rent for the home would spike to $2-3k per month. A one bedroom 600sq ft. condo rents for $2500/mo. Nobody can afford to buy a home especially first time home buyers and starting out families. Condos a being sold before they are built, then when the project is done, said condo is then resold almost twice what it's worth. The government has started taking action to curb the foreign investments and money laundering but it just moved it to other cities like Calgary. When someone shows up with a briefcase with a million bucks inside, a realtor or auto dealer doesn't have to report it. Casinos also a big part too.

This is the problem. The "Free Market" in Canada is being flooded with ill gotten gains from all over the world to the point where Canadians are being priced out of the market. If you are in the US, Miami is where drug dealers launder their money and Americans cant afford to live. If you are from the UK, the Middle East and Russia launder their money in London and real British people live anywhere but there.

I live in California, where plenty of foreign money has flooded the real estate market. But the affordable housing issue is related to the government and not that

Affordable housing is government intervention AS A RESULT of skyrocketing prices. If the government dealt with the cause of skyrocketing prices instead of the result of affordability, it might...might work?
Of course closing insane asylums only meant that the insane live on the street so there is that.

I suggest doing more research. There are many a number of instances where government intervened in the market on the basis of a product/commodity being priced to low or high, and the results are disasterous.

We arent talking about pork bellies or bitcoin. We are talking about taxpayers who have to live in their cars because foreigners who trade pork bellies and bitcoin have priced them out of the market.They pay the government to manage the country, and the government is ignoring the plight of their own citizens.

Pork bellies, oil, milk, cheese, HOUSING, all function in a marketplace. You're pretending that housing is some special marketplace, it's not.

Stop asking your government to solve the problems of the market, and start asking the Government to get out of the way of the market.

Sure thing,here is how it happens:
1.)Build a ghost city in China using Government money
2.)Borrow a Trillion dollars against said city
3.)Take 100 million to buy properties in another country
4.)Rinse and repeat
Yep, all good and legal and I hope it happens to you.