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"This means that people with money have zero incentive to spend..."

Except for food, housing, healthcare, entertainment, and well, pretty much everything people spend money on. You can't be alive or enjoy that life without these things. People wouldn't refuse to spend their money and starve to death because then they wouldn't be around to use it.

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Why should I buy a house today, when I could buy a bigger house for the same money next year?

If I have enough cash, sitting on it will make it appreciate more than paying a year's worth of rent.

Food is a small fraction of a household's expenses, as is healthcare, in every single country that is not the United States.

If you don't need or even want a new house then what good does it do you or society to buy a new house? Consumption for the sake of consumption is not a good thing.

If you're buying houses solely as an investment then you get situations like Vancouver. How is that a good thing?

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