<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>gonzo41</author><text>I got a day trip on Sydney harbour on a yacht a few years back. It was really nice. I can imagine a very expensive day for the host. I wish it was my yacht, because it was a real indulgence. Personally, I would have been pretty happy to just take the manly ferry a few times and have a sandwich.&lt;p&gt;Anyway, as we were boating about the proper harbour side mansions that sit close to the water. I noticed a few things. A lot of them were empty. I asked about this and the finance guys with us mentioned that most of them were land banking assets for Chinese money which isn&amp;#x27;t safe in CCP banks. I&amp;#x27;m not sure how real this is, but if I owned a home on the waterfront in Sydney, I&amp;#x27;d never leave the balcony.&lt;p&gt;Anyway, the effect is that rich foreigners own the places where our rich countrymen used to live. So now they&amp;#x27;ve moved a street back and pushed all the upper middle class into the inner suburbs and now the regular professional folk our on the outer rim. And if you aren&amp;#x27;t rich, then your over mortgaged and live in a flood plain. Which just flooded.&lt;p&gt;Sydney is nice, but it&amp;#x27;s getting less nice, we generally need more cities in Australia. But what we really need is people to treat the family home as that. A place for families to grow and not some  asset class.</text><parent_chain><item><author>DeBraid</author><text>Not saying what is &amp;#x2F; isn&amp;#x27;t a bubble, but enjoyed this discussion here on Aussie &amp;#x2F; Canadian RE bubble. &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;youtu.be&amp;#x2F;2MLZxJuzT5E?t=2802&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;youtu.be&amp;#x2F;2MLZxJuzT5E?t=2802&lt;/a&gt;&lt;p&gt;Joe Walker: &amp;quot;Sydney and Melbourne are 2 of the most expensive cities in the world...&amp;quot;&lt;p&gt;Tyler Cowen: &amp;quot;AND THEY SHOULD BE!  Great food, great views, relatively competent government.  Are there 2 nicer places to live on Earth?  Maybe these places are actually undervalued?&amp;quot;&lt;p&gt;Turns out really great places to live are extremely rare (Toronto, Vancouver) and expensive for good reason.</text></item><item><author>gonzo41</author><text>As an Australian, every single problem you have, we also have. It sucks.&lt;p&gt;I&amp;#x27;m starting to come to the view that you should only be able to own one house, and you&amp;#x27;ve got to live in it otherwise you pay full market rent on the vacancy.&lt;p&gt;I think about the housing situation as an almost existential economic threat. With the scale &amp;#x27;money&amp;#x27; sitting in housing the banking sector is acting like a parasite starving potential capitol from growth opportunities.&lt;p&gt;It&amp;#x27;s really grim.</text></item><item><author>mabbo</author><text>There&amp;#x27;s so many articles about the Canadian property bubble popping that I&amp;#x27;m starting to feel like it&amp;#x27;s some sort of concerted effort by the real estate industry to cool down the market.&lt;p&gt;It was just about to pop 6 years ago when I bought my condo. It was about to pop when values stopped increasing so dramatically 3 or 4 years ago. It was about to pop when the COVID-19 pandemic halted most sales. It&amp;#x27;s about to pop now because everyone is leaving the cities because of WFH rule changes.&lt;p&gt;But it never does. Prices are still high because demand is high and supply isn&amp;#x27;t keeping up. Demand is high because our financial laws allow criminals to launder money through housing, and because we&amp;#x27;re a desirable country for wealthy immigrants. Supply is low because cities have too many NIMBY politicians that are against density increases.&lt;p&gt;I wish it would just pop so we can all get on with fixing the root problems.</text></item></parent_chain></comment><story><title>Canadian property bubble nears systemic failure</title><url>https://betterdwelling.com/canadian-property-bubble-nears-systemic-failure-and-not-even-a-big-crash-can-fix-it/</url></story>
<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>Clewza313</author><text>Toronto isn&amp;#x27;t exactly a match for Sydney when it comes to climate or scenery though, and while Australian politics has its warts, the mayor of Sydney has yet to be caught on camera smoking crack.</text><parent_chain><item><author>DeBraid</author><text>Not saying what is &amp;#x2F; isn&amp;#x27;t a bubble, but enjoyed this discussion here on Aussie &amp;#x2F; Canadian RE bubble. &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;youtu.be&amp;#x2F;2MLZxJuzT5E?t=2802&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;youtu.be&amp;#x2F;2MLZxJuzT5E?t=2802&lt;/a&gt;&lt;p&gt;Joe Walker: &amp;quot;Sydney and Melbourne are 2 of the most expensive cities in the world...&amp;quot;&lt;p&gt;Tyler Cowen: &amp;quot;AND THEY SHOULD BE!  Great food, great views, relatively competent government.  Are there 2 nicer places to live on Earth?  Maybe these places are actually undervalued?&amp;quot;&lt;p&gt;Turns out really great places to live are extremely rare (Toronto, Vancouver) and expensive for good reason.</text></item><item><author>gonzo41</author><text>As an Australian, every single problem you have, we also have. It sucks.&lt;p&gt;I&amp;#x27;m starting to come to the view that you should only be able to own one house, and you&amp;#x27;ve got to live in it otherwise you pay full market rent on the vacancy.&lt;p&gt;I think about the housing situation as an almost existential economic threat. With the scale &amp;#x27;money&amp;#x27; sitting in housing the banking sector is acting like a parasite starving potential capitol from growth opportunities.&lt;p&gt;It&amp;#x27;s really grim.</text></item><item><author>mabbo</author><text>There&amp;#x27;s so many articles about the Canadian property bubble popping that I&amp;#x27;m starting to feel like it&amp;#x27;s some sort of concerted effort by the real estate industry to cool down the market.&lt;p&gt;It was just about to pop 6 years ago when I bought my condo. It was about to pop when values stopped increasing so dramatically 3 or 4 years ago. It was about to pop when the COVID-19 pandemic halted most sales. It&amp;#x27;s about to pop now because everyone is leaving the cities because of WFH rule changes.&lt;p&gt;But it never does. Prices are still high because demand is high and supply isn&amp;#x27;t keeping up. Demand is high because our financial laws allow criminals to launder money through housing, and because we&amp;#x27;re a desirable country for wealthy immigrants. Supply is low because cities have too many NIMBY politicians that are against density increases.&lt;p&gt;I wish it would just pop so we can all get on with fixing the root problems.</text></item></parent_chain></comment><story><title>Canadian property bubble nears systemic failure</title><url>https://betterdwelling.com/canadian-property-bubble-nears-systemic-failure-and-not-even-a-big-crash-can-fix-it/</url></story>