The National Telegraph - Wyatt Claypool - Carney's $3.2 Billion Developer Bailout Backfires – Liberal Polls Will DROP

00:00:00.000 Prime Minister Mark Carney and the federal liberals have made themselves popular through

00:00:05.220 subsidy politics. Because they are willing to hand out a lot of money to individuals as well

00:00:11.440 as favored industries, they end up getting the support of people in those areas or walks of life.

00:00:18.580 But what happens when they push the subsidies too far and they start subsidizing things that

00:00:24.220 nobody likes. That's what Mark Carney and the Liberals just did, and it was a huge political

00:00:30.400 mistake. Check out this clip from a BC press conference that he gave just a couple days ago

00:00:36.640 that everyone's talking about right now. Too many completed condos sitting empty.

00:00:42.140 Metro Vancouver alone, around 2,500 finished units are standing vacant with no buyers.

00:00:48.600 With higher interest rates, weaker investment demand, developers are stuck. They don't want

00:00:54.040 to settle the loss, they can't afford to hold those empty units indefinitely. We will convert

00:00:59.320 vacant condos into affordable housing, condos that have been built that are unoccupied that

00:01:04.980 are going to sit there potentially for another couple of years. We're going to go use the right

00:01:10.300 financing mechanisms, convert those into affordable housing so people can move in and use that.

00:01:16.680 Do you know what the right financial mechanisms are in this case? It's taxpayer money, of course.

00:01:22.420 We are going to give $3.2 billion to Lower Mainland developers to bail them out for 2,500 unoccupied units.

00:01:34.540 Now, they probably invested a lot of money building these units.

00:01:38.240 Immigration was so high that demand was extremely high for rental units or even purchasable units.

00:01:44.780 And so developers could sell these things for like a million dollars. 0.71

00:01:48.160 Now, development costs are high in the Lower Mainland, but I do not buy the excuse that we're helping save developers from selling things below their cost.

00:01:58.920 I think that we're really just helping friends of the Liberal Party.

00:02:03.120 In fact, would you be shocked if I told you that Brookfield has heavy investments in the area of Vancouver real estate,

00:02:11.160 and they have been recently building a lot of luxury and middle-class apartments in the city?

00:02:18.160 and they might be part of this bailout. But again, think about that figure I told you about before.

00:02:24.680 There are 2,500 units. Let's say two, three people can live in each one, or that's how it

00:02:30.620 was going to go, although probably some of these are studios and they really only meant for one

00:02:33.940 person. 2,500 units. We are going to bail out for $3.2 billion. We're just buying it off of them,

00:02:43.240 And then we're ripping those units outside of the regular market to make them effectively like

00:02:50.040 affordable housing, which is going to be now only subject to certain people being allowed to live

00:02:55.180 there. And so what are we really doing here? We're giving $3.2 billion to developers to then also

00:03:02.980 keep housing prices high. That's effectively what we're doing here. And nobody likes it.

00:03:09.580 I just quickly want to show you what Kirk Lubomov said here,

00:03:13.180 who was the original poster of the viral clip of Carney talking.

00:03:16.600 He does a good job of editing out the fat of what he's saying and getting to the real point.

00:03:22.180 Kirk here says,

00:03:23.440 Mark Carney basically announced a bailout for Vancouver area developers.

00:03:27.520 Too many completed condos sitting empty.

00:03:29.540 Metro Vancouver alone around 2,500 finished units are standing vacant with no buyers.

00:03:34.760 They don't want to sell at a loss.

00:03:35.980 They can't afford to hold those empty units indefinitely.

00:03:38.900 We will convert vacant condos into affordable housing.

00:03:42.440 So he goes into, like, he basically just transcribes what he said there.

00:03:47.780 But he comes down to here, and Kirk says,

00:03:51.240 greed and horrible municipal planning has led to building overpriced S-boxes that no one wants.

00:03:57.760 Now Carney will reward that with taxpayer dollars instead of letting the market solve itself by bringing the prices down.

00:04:05.580 Absurd intervention. I thought he was an economist.

00:04:08.900 Now, yes, Carney's an economist, and he's also been in business as the chair of Brookfield Asset Management and working at Goldman Sachs at one point.

00:04:17.940 But here's the secret. Mark Carney is not a very good economist. He's not a very good businessman.

00:04:23.100 At Brookfield, he was really good at cornering the market on government subsidies.

00:04:29.900 And look what he's doing for Brookfield and other developers in Vancouver right now.

00:04:34.400 he's subsidizing their failure. He's subsidizing unproductive economic activity or at the very

00:04:41.560 least counterproductive or not very profitable economic activity. We're just going to burn

00:04:47.760 $3.2 billion to completely buy these units at the prices that the developers wanted to sell them at

00:04:53.940 to then take a bunch off the market to convert into affordable housing, which I'm not necessarily

00:04:59.560 against, but this is going to be the most overpriced affordable housing we've ever seen

00:05:03.860 that taxpayers are probably going to throw a lot more money into to try and retrofit these units

00:05:08.960 into more affordable housing. It's absolutely wild what we are doing here. I just want to jump

00:05:15.280 over now to a question that was asked to Carney at this press conference by a journalist. It

00:05:20.140 captures a little bit of what he said in that original clip, but the person point like asks,

00:05:24.660 well are we really just you know buying overpriced units to like create a very small amount of

00:05:31.200 affordable housing here comparatively as a follow-up i'd like to hear more about converting

00:05:36.080 empty condos into homes for people does that involve the government buying extra stock from

00:05:41.200 developers and then renting those out or reselling them is are there details you can give us on that

00:05:46.300 uh you have two things i mean there's different models and we'll work through the modalities and

00:05:51.120 bring it out in uh in the fall is just so you don't know i hate when he talks like this oh well

00:05:57.740 we're going to look through different modalities and we're going to figure out what we're going

00:06:00.620 to do in the fall just so you don't know what you're doing you don't you're going to figure

00:06:03.400 it out by the fall that's all you had to say but he always talks in this grandiose way that makes

00:06:07.940 his own confusion sound enlightened is what i said uh in french the um but but you can you can

00:06:17.340 do both, and my view, experts will design it, but one would look to do both. Effectively, though,

00:06:25.240 what you're doing is buying them at a price, spreading out the financing, because you can do

00:06:31.080 that, the financing of the underlying condo at our financing rate, but targeting at a level that

00:06:39.380 is affordable. And it is a way to clear off on the books of this overhang.

00:06:48.500 Now, mark my words. He is going to pretend that he has created affordable housing. He is going to

00:06:54.440 use this to try and backstop his own fake promise that the government was going to create all this

00:06:59.320 housing. Oh, look, we've created all this housing by buying pre-existing housing to bail out

00:07:04.400 developers to then put even more money into it, finishing the projects or retrofitting the

00:07:10.700 projects for affordable housing. Look at all the affordable housing we created. No, they're actually

00:07:14.920 not creating more housing. They're creating less of it over time because they are keeping prices

00:07:20.300 absurdly high. We're not making it easier to build. We're not making it easier to buy.

00:07:25.480 We are bailing out irresponsible developers rather than letting the market actually decide

00:07:32.600 what the price of things should be. We are artificially inflating the price for friends

00:07:37.320 of the Liberal Party, effectively. And you don't need to tell, you probably don't even need to be

00:07:41.940 told, this is taking off a lot of people on the political right, on the political left. And it's

00:07:47.380 because, like, and Carney thought this was going to be a big win. He's out there announcing it.

00:07:51.900 He's standing at a podium. They thought this was going to be a great announcement. Now, that's not

00:07:56.220 the only thing they talked about, but he brought it up voluntarily that they were doing this.

00:08:01.720 he thought that this was going to be a win because subsidy politics and so many other areas

00:08:07.240 have made Carney look good. And he thought, well, I'm going to go in there and talk about

00:08:11.040 how I'm subsidizing housing too. Except people don't like the corrupt system that developers

00:08:18.180 work in right now. And so Carney pushed it a little bit too far, just as Doug Ford pushed

00:08:23.420 his own sort of internal corruption too far when he started just throwing a bunch of money at a

00:08:28.580 new jet that he wanted. Now, we can have a conversation on whether or not the Ontario

00:08:33.560 Premier should have his own private plane. Maybe. The whole point is he'd been pushing the envelope

00:08:39.520 so hard that he imagistically did something that looks so stupid that it immediately crashed his 0.97

00:08:45.920 approval rating, and now Doug Ford is sitting with a 21% approval rating. Now, I don't think 0.99

00:08:51.280 that Carney's approval rating is going to crash overnight. In the recent Abacus data poll, it's

00:08:55.760 55%. I could see him going sub 50 over stuff like this, because he's going to start getting ripped

00:09:01.440 to pieces on both his left and his right over stuff like this. I actually now just want to

00:09:06.860 quickly jump to Pierre Polyev's response that only came out a couple hours ago here. I'm going

00:09:11.600 to skip a little bit into it because it's just kind of the whole, his whole statement, his whole

00:09:15.900 11-minute statement he posted. I'm just going to get to the interesting part here. But he rightfully

00:09:21.960 is seizing on this because it's a very, very obvious kind of chink in Mark Carney's armor 0.63

00:09:27.540 right now that his subsidy politics have gone too far and are now effectively just subsidizing

00:09:34.180 rich people as most subsidies end up doing. And I'm not saying this as someone who hates rich

00:09:39.520 people. I don't care. But this is the problem with complex government programs and systems

00:09:44.420 that the people sophisticated enough oftentimes to manipulate them are already fairly well off.

00:09:50.300 so often the people who get affordable housing are themselves fairly well off. Zoran Mamdani,

00:09:56.060 the current New York City mayor, was living in rent-controlled apartment units despite him and

00:10:01.100 his family being very well off. The costs have exploded due to liberal inflation. And here's

00:10:07.700 my question to you today. Where's your bailout? You, the single mother who has to turn back items

00:10:17.140 at the grocery checkout. Where is your bailout? The young couple who can't afford a home. 1.00

00:10:23.420 Where is your bailout? The auto worker in Windsor who's lost his job because Canada is the only 0.53

00:10:31.180 country in the G7 in a recession. Where is your bailout when you are lined up in a food bank that

00:10:38.500 is run out of food because Mark Carney has given Canada the worst food price inflation in the G7?

00:10:44.380 Where is your bailout as you fill up your tank with $1.70 or $1.80 a litre gas?

00:10:52.920 Because Mark Carney has given us a weak dollar that cannot buy enough energy on the global stage.

00:11:01.940 Where is your bailout?

00:11:03.040 Because Mark Carney seems to have a bailout for anyone who's part of the liberal club of power brokers, corporate insiders, and lobbyists.

00:11:13.320 They all get a bailout. The latest example is the bailout that Mark Carney announced for developers and banks here in Vancouver. Let's just be clear what he's promising.

00:11:25.940 He came here and said he was going to transform 2,200 empty condos into affordable homes

00:11:39.240 using what he called innovative financial tools.

00:11:46.980 What innovative financial tools?

00:11:49.540 Sounds like magic.

00:11:50.700 and normally the innovative financial tool to turn an overpriced empty condo into an affordable

00:11:56.020 home is for the price to drop and in fact the the tool the financial tool that mark carney is using

00:12:03.360 is he's picking your pocket and paying a developer off for the poor decisions that they made now

00:12:09.260 this is the we're like the concept one of the big consequences of mass immigration in canada and

00:12:15.460 And it's nice, I'll give Kearney, it's nice to have three quarters of falling population.

00:12:20.760 TFWs and students are leaving.

00:12:22.420 That's great.

00:12:23.300 We can start chipping away at our terrible unemployment problem this way.

00:12:28.280 But the one thing I would give him is that he was bringing down population.

00:12:34.580 Now, that was going to be the remedy for overpriced things like housing.

00:12:40.240 And we're not letting housing prices go down because that's really what it is, is that

00:12:44.900 developers want to lock themselves in to a certain price for their units. But if he's setting a

00:12:52.340 precedent, where is he now just going to come in swinging on a rope to the rescue of every single

00:12:57.260 industry who doesn't think that it should have to sell this for that price? Well, I want $30 for my

00:13:03.940 product. And now the market's saying I should be charging $27. I want $30. The government better

00:13:09.320 come in and buy all my stock for 30. Everyone would know that that looks like taxpayer highway 0.70

00:13:15.080 robbery. But Carney, in the case of developers, because he can spin it as, oh, I'm trying to

00:13:20.440 create affordable housing, is just giving a large portion of the current public deficit

00:13:26.420 to these developers. And this isn't money that's going to slowly trickle out over like 10 years.

00:13:31.840 The Alto train costs $90 billion and it will take like 15 years to complete or whatever,

00:13:36.500 but that's $90 billion trickling out over many years. This is a $3.2 billion one-shot to purchase

00:13:44.260 them all probably within the next year or two. It's absolutely absurd that the liberals thought

00:13:49.680 that this was somehow going to make them look good, but I guess they had thought, well, every

00:13:53.620 time we give money to the aluminum and steel companies because we refuse to negotiate with

00:13:57.780 Trump and get to a zero-tariff situation, well, that always makes us popular because we look like

00:14:03.040 we're supporting industry. But when we did the grocery rebate, that made us look good because

00:14:06.640 look, we're supporting hungry people, even though we helped make them hungry. But now that he's

00:14:10.740 gone, he's taken, he's gone one bridge too far by now subsidizing the developers because it kind

00:14:16.580 of gives the game away a little bit. We are subsidizing a bad economy so that it never

00:14:22.000 actually improves. We're not actually allowing the market to adjust. We're simply just paying

00:14:27.140 that we are burning more money to keep the market crap. That is what we are doing here. 0.97

00:14:32.320 But anyways, so there's I'm actually kind of shocked.

00:14:36.000 I actually checked around to see if the NDP had commented on this, if Avi Lewis had said anything.

00:14:40.740 And so far, nothing when this should be a big issue for them to jump on board of the I've seen many NDP people online going after the Carney liberals.

00:14:51.320 But so far, no NDP actual politicians have come out against it.

00:14:55.460 They're tweeting about National Indigenous Peoples Day today instead of Father's Day. 0.99

00:14:59.360 So I guess good on them for that, whatever that means. But now I want to move on to another thing that was a massive mistake for the Carney liberals to do.

00:15:09.480 This is an article from CTV News, but Peter McCaffrey here from the Alberta Institute is commenting on it.

00:15:16.200 He says the liberals have gone from elbows up against Trump's tariffs to copying his entire economic theory in just 18 months.

00:15:22.740 And this article from CTV News says, Canada imposes 10% tariff on canned vegetables excludes U.S.

00:15:31.000 So now we're not including the U.S. because that would be a little bit more provocative.

00:15:35.680 That would be kind of provocative during trade negotiations.

00:15:38.700 So Carney's at least learned one thing from the previous few times he's tried to impose tariffs on the U.S. mid negotiations. 0.74

00:15:44.860 But isn't this a little hypocritical?

00:15:47.100 Well, we don't like Trump's steel, aluminum, and soft lumber tariffs and copper tariffs, but we are absolutely happy to tariff other countries' canned fruits and vegetables.

00:16:01.260 Make it make sense.

00:16:03.040 I don't like tariffs at all, but if we don't like tariffs, we shouldn't be imposing them.

00:16:08.540 In fact, this actually still gives a good talking point to the U.S. administration during trade talks of saying, well, you guys seem to understand the value of tariffs because you just imposed them to protect domestic fruit and vegetable growers who can their stuff.

00:16:24.840 You just imposed a tariff to help protect them.

00:16:27.060 We're protecting our people, too.

00:16:28.960 And this is the thing.

00:16:29.780 I don't actually think we're protecting.

00:16:31.020 Tariffs don't really protect anyone.

00:16:32.220 It keeps a bad industry in stasis rather than forcing that industry to adapt to the market to

00:16:38.900 become even better. But my goodness, where are all the elbows up people here calling out the

00:16:45.320 Carney liberals for imposing tariffs? They're nowhere. Because again, the rules don't apply

00:16:49.600 to Mark Carney. Although again, I actually do think some of them are kind of understanding

00:16:54.120 that he looks really bad with this bailout. And now they're actually getting mad at him

00:16:58.680 for giving Trump any credit for what's going on in Iran, which is funny because I really don't

00:17:03.720 like the Iran deal that J.D. Vance helped negotiate. I think the whole thing's going to

00:17:08.280 fall apart shortly, which is kind of a good thing because it's just a complete dog's breakfast.

00:17:13.040 But Carney's taking it on the absolute chin for supporting what Trump was doing. Now, Carney

00:17:18.660 probably actually somewhat does support the Iran deal because he's actually fairly a pro-third

00:17:24.040 world type leader. He doesn't like the United States and other Western powers having influence

00:17:30.020 on the planet. That's why he cozies up with China. That's why he legitimizes like dictatorships 0.94

00:17:35.420 around the world and treats Iran like it's on the same level as Israel. He is a massive just 0.96

00:17:42.920 hypocrite. And so that's kind of it for this video, but you'll get, you kind of get what I 0.99

00:17:48.160 mean here. But Carney, again, I think he's getting a little high on his own supply and I think he's

00:17:53.480 going to be subject to making a lot of mistakes and having a lot of Canadians over the summer

00:17:58.040 start to reevaluate why they even liked him in the first place. Because sure, people like that

00:18:03.940 he stands up to Trump, kind of, whatever that means. But once he's bailing out developers,

00:18:10.460 do people start to like developers because Carney's bailing them out? Or do people

00:18:14.200 go to their normal instincts of, I don't like corrupt developers with government connections,

00:18:20.880 and I don't like them even if Mark Carney is giving them the money

00:18:25.140 rather than somebody else I don't like,

00:18:26.980 like a Doug Ford or a Ken Sims or something like that.

00:18:30.000 Anyways, but with all that being said, thank you guys for watching.

00:18:33.340 Make sure to like, share, subscribe.

00:18:35.860 Consider hitting the join button and becoming a member of the channel

00:18:38.580 and I'll see you all later.

The National Telegraph - Wyatt Claypool - June 21, 2026

Carney's $3.2 Billion Developer Bailout Backfires – Liberal Polls Will DROP

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