A WSJ economics blog notes that housing starts are up in Spain due solely to government subsidies (ostensibly) intended to improve housing affordability for low income families, and to stimulate investment and job creation. (Sound familiar?)
In Twist, Spanish Housing Starts Rise (September 25, 2009)
As the blog dryly notes (incredulistic emphasis added):
But many independent economists say that subsidizing the construction of new homes at a time when there are an estimated 1 million unsold homes in Spain will prolong the industry’s correction.
Oh, gee, ya think!?
How many are on the Spanish coast?