Home owners/capitalists do appreciate scarcity. More/denser housing units is more city property taxes, more retail availability and income taxes/revenue, and more jobs, also more tax revenue. All of that supports more housing demand and higher property prices too. If you were the only one left in Toronto, I guess you wouldn’t need/have any services. But property value would go down from $200/sq foot rental value to $1.
Values won’t drop because for the most part we aren’t destroying existing housing but demand is still increasing. Toronto is still growing we are just expected to rent out individual rooms and basements instead of building new, real apartments because somebody who bought 40 years ago is worried a couple of sixplexs will ruin the “character” of neighborhood.
Home owners/capitalists do appreciate scarcity. More/denser housing units is more city property taxes, more retail availability and income taxes/revenue, and more jobs, also more tax revenue. All of that supports more housing demand and higher property prices too. If you were the only one left in Toronto, I guess you wouldn’t need/have any services. But property value would go down from $200/sq foot rental value to $1.
Values won’t drop because for the most part we aren’t destroying existing housing but demand is still increasing. Toronto is still growing we are just expected to rent out individual rooms and basements instead of building new, real apartments because somebody who bought 40 years ago is worried a couple of sixplexs will ruin the “character” of neighborhood.