The real question is: how much of the rest of the economy can or will be fed into the real estate sector so that property owners (to say nothing of developers) can continue to benefit

But if you look at the history: feds cut funding to province, province cuts funding to cities, cities scramble to find revenue where they can: this is where the can-kicking/balloon-squeezing attempts at deferring the inevitable eventually run into the limit

Everyone was making money, investors had expectations of continually rising asset values, so nobody complained when development charges continued to rise. But now that the music seems to be stopping, there’s more energy for scrutinizing “details”

Plus - particularly in Toronto’s case where the province ties the city’s hands (particularly in the Ford era), there aren’t a lot of options for raising funds. Development charges are one. And given the real estate run of the last two decades, it was an easy source to tap.

OR
Could it be
That maybe
There is something systemic explains why so many people all over the world - people who compete to get into positions of leadership, people with some degree of expertise & ability - all seem to be making the same kinds of “mistakes” with similarly bad results?

Maybe if we blog hard enough, do enough public appearances & interviews excoriating personalized accounts of why things have gone wrong, eventually “the right people” will be put in charge & suddenly “everything won’t be so shitty”

I’m eager to hear your take. It seems to me that the commonplace genealogy of “where do banks and finance come from” usually gestures at renaissance Italian city states as “an important step in its evolution”

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There’s two books (I think).

books.google.ca/books/about/...

And

www.press.jhu.edu/books/title/...

Both seem relevant to the “genealogy of money” theme that you often discuss

Just curious if they’re notable works, if you had a view on them