We should compensate younger people for sacrificing their standard of living in return for asking them to endure higher housing costs to protect older people who bank on current home prices for their retirement
too much. That’s a point of view that’s recently been espoused by Prime Minister Justin Trudeau. I think he is right – on one condition.
In the same breath, he acknowledged that intergenerational inequity remains. Today’s higher home prices often create a “massive” difference in wealth between owners and renters. “That’s not necessarily always fair,” he concluded.that Conservative Leader Pierre Poilievre has also emphasized how the rapid increase to home values powered “a colossal wealth transfer from the working wage earner to the wealthy asset owner” – many of whom are older homeowners like me.
But the political decision to protect an older generation’s housing wealth out of concern for their retirement inflicts a nasty sacrifice on younger generations. It rules out home ownership for many, while imposing expensive rents for smaller spaces, often at greater distance from their jobs.
People Generation Retirement Equity Deal Prices Housing Problem British Columbia Ontario Ottawa
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