People blame stimulus spending, but the reduction in real economic output from COVID also has knock on effects.
Expensive condos etc derive most of their value as a symptom of a much larger and extremely productive economic system which got disrupted. Suddenly people start reevaluating basic assumptions and markets adjust in ways more complex than a simple boom bust cycle.
Expensive condos etc derive most of their value as a symptom of a much larger and extremely productive economic system which got disrupted. Suddenly people start reevaluating basic assumptions and markets adjust in ways more complex than a simple boom bust cycle.