The North American development pattern is unsustainable. It costs more money than to maintain than could possibly be paid for by property taxes. It's wildly inefficient in basically every way.

We've been okay for a while since we use the influx of cash from new developments to support our existing maintenance obligations, but that adds new maintenance in the future.

It's functionally a Ponzi scheme, and now it's starting to unravel. It'll happen in the U.S. too, just slower since the U.S. is bigger.