To all the property economists out there: why doesn’t Australia do this?

It would crash the housing market. Tons of mortgages would be underwater forcing banks to eat the losses as people walk away from their homes. Construction would surely collapse. U employment would rise. Tax revenues would drop because of the falling economic activity. These are just a few reasons… and why Spain will ultimately abandon this nonsense.

@baldguymoney Is that just for Spain or are you saying the same for Australia?

@giginator_ Any country. Come on. You know better than that.

@baldguymoney @giginator_ So just keep going as we are?