I have to say, I hope these people go bankrupt.
At first, it was just some guy renting out his spare bedroom, or attached unit. Nobody cared about that, and we supported them in their attempt to make an extra buck to pay for their mortgage.
But then, it became people who took out 5 to 10 mortgages, on separate properties, and turned these homes into a little hoteling empire. This reduced available properties, thus increasing housing costs for everyone, including buyers and renters.
And when you multiply this by thousands of people doing the same thing, then we all now have a very serious housing problem.
It’s a travesty, that the mortgage lenders allowed this to happen. This is also a result of a lack of regulation and oversight. Society must rectify this.
At first, it was just some guy renting out his spare bedroom, or attached unit. Nobody cared about that, and we supported them in their attempt to make an extra buck to pay for their mortgage.
But then, it became people who took out 5 to 10 mortgages, on separate properties, and turned these homes into a little hoteling empire. This reduced available properties, thus increasing housing costs for everyone, including buyers and renters.
And when you multiply this by thousands of people doing the same thing, then we all now have a very serious housing problem.
It’s a travesty, that the mortgage lenders allowed this to happen. This is also a result of a lack of regulation and oversight. Society must rectify this.