in america, the banks handed out piles of bad loans to people that couldn't pay their mortgages (and in scenarios where any due diligence at all would have made that clear).

that cannot happen here. it's impossible, structurally.

however, what that means is that instead of people that can't pay their mortgages, we have people that can't pay their rents. that issue started getting very bad all of a sudden around 2008 or so, and appears to be entering a crises point as a result of the pandemic.

lowering property costs (which didn't really happen here after 2008 due to the structurally sound system) should ease some of the bubble in rent that's developed, but we ultimately need more regulation to keep rents down and more supply to accommodate the rising population.