Via FTAlphaville:
From Sydney to New York to London, it is not uncommon to find renters praying for a collapse in house prices. But when a significant number of homeowners want the same thing, something strange is going on.
This was the situation in Vancouver in 2016. The city – buoyed by money flowing in from China – had become the leading global exemplar of the metropolitan housing crisis. In the same year, a tax on foreign buyers was introduced.
