hm..
all current renters will now stop paying their rent.
all landlords with vacant property will now refuse to lease it.
The real estate market will now be swamped with landlords desperately trying to unload rental properties that are now worthless.
The whole real estate market will collapse, and send the economy into a depression.
Thanks Socialists! /s
“The real estate market will now be swamped with landlords desperately trying to unload rental properties that are now worthless.”
Not to mention no one in their right mind would be lending money for new mortgages since they can expect to NOT got paid back! So those properties can’t be sold. So, property owners now go bankrupt, and the lending banks then go bankrupt. That’s what happens when people can borrow money and are told it’s ok to not pay it back.
“The whole real estate market will collapse, and send the economy into a depression.”
Spain is already in a recession due the collapse of the real estate market. A further, final, complete collapse would indeed push it into depression.