https://prospect.org/economy/2024-06-04-one-person-one-price/

  • someone [comrade/them, they/them]
    ·
    4 months ago

    but buying and reselling to each other over and over again will increase gdp like never before! we'll all be rich!

    Welcome to the Canadian housing market. Seriously.

    • HexBroke [any, comrade/them]
      ·
      4 months ago

      first-time

      In 1880, Melbourne was the richest city in the world, until it had a property crash in 1891 when house prices halved causing Australia’s real GDP to crash by 10 per cent in 1892 and seven per cent the year after.

      The depression caused by this crash was substantially deeper and more prolonged than the Great Depression of the 1930s - if you bought a house at the top of the market in 1890s, it took 70 years for you to break even again.