Houses are for living, not for speculation
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I don't knock them for over production, but build quality is a more common problem that I saw. Also not a fan of not being able to own the apartment, but their availability is dope. Their public transit is also dope, both inter and intra city transit.
Take a look at the build quality of $500,000 homes that are being built in the US today. They are absolute shit with some sparkly trim that stays nice long enough to distract you until the warranty expires.
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Remember when Mao executed landlords?
He seemed crazy at the time.
Do you truly, actually, believe that the reign of Mao was a net positive?
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China does many things wrong but housing isn't one of them.
Americans will decry the American housing crisis and simultaneously mock China for over production of housing which caused a housing price crash.
"I can't afford a house!"
"China is so stupid, they have empty cities."wrote last edited by [email protected]The current Chinese housing crisis was not caused by building homes for people to live in, it was caused by developers selling homes that didn’t exist with the empty promise that the would totally, definitely be built. Then the homes were never built for humans to actually live in.
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Do you truly, actually, believe that the reign of Mao was a net positive?
No, just that his stance on landlords may be worth revisiting.
Adam Smith was also anti-landlord, FWIW.
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Remember when Mao executed landlords?
He seemed crazy at the time.
Mao wasn't even the one who executed landlords. He just never really cracked down on the pissed off serfs running kangaroo courts on the people who wronged them.
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I don't knock them for over production, but build quality is a more common problem that I saw. Also not a fan of not being able to own the apartment, but their availability is dope. Their public transit is also dope, both inter and intra city transit.
wrote last edited by [email protected]definitely way higher incidence of build quality issues than the US but at most they seem to be at least as rare as US car crashes
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Take a look at the build quality of $500,000 homes that are being built in the US today. They are absolute shit with some sparkly trim that stays nice long enough to distract you until the warranty expires.
And that's more in line with the builds I saw over in China. I'm not defending our build quality (certainly not post 08 when a lot of construction companies went down or merged).
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I dunno, it was almost an every building thing I saw. We had a floating ceiling grate collapse all along our walkway in the middle of the day. Big rusty snarled mess.
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This post did not contain any content.wrote last edited by [email protected]
Let's not ignore that to get to this point, they had to kill most of the landlords, and then keep the rest of the industry under the heavy boot of the state.
Not to say it was the wrong thing to do, but it wasn't policy alone that made China a cheap place to live.
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I hate to say this, but there are many things that China is doing right.
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Take a look at the build quality of $500,000 homes that are being built in the US today. They are absolute shit with some sparkly trim that stays nice long enough to distract you until the warranty expires.
$500k house with shitty laminate floors and MDF trim lmfao spoiler alert it's because the builders only care about money, craftsmanship is dead.
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This is the central issue to Australia's housing affordability and availability crisis
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I hate to say this, but there are many things that China is doing right.
wrote last edited by [email protected]I dunno why you have to hate saying that; China and the Chinese govt are doing freaking awesome things that the world should envy, and they deserves lavish praise. Period. And I’m speaking as a red blooded Texan.
They’re into some shit, too. And have problems, including major ones conflated with the real estate crisis.
It can be both. Westerners don’t have to be walking stereotypes that ponder ‘China evil’ with every other thought, like Lemmygrad seems to think. I mean, what leg to I have to stand on?
It doesn’t mean we have to just accept the human rights violations or papered over crises or whatever either.
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And yet their home ownership is still greater than 90%. Ownership is for your lifetime without property tax. Yes families work together to afford homes but it is normal in asian cultures to live with your family for a long time. I wouldn't call their housing situation comparable to the US.
If the whole extended family lives together then their situation isn't really the same either
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a great example of this country saying something and not doing anything resembling the idea at all. china has one of the most fucked real estate markets in the world. chinese speculation is notorious for fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions. the money pours into vietnam and cambodia where families lose their savings "investing in a condo" that hasn't been built yet. china is a country run by an ultra capitalist mafia.
they built trains which are great. im a leftist too. but you guys, holy fuck.
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That quote gave me whiplash as soon as I read who and when it was from.
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a great example of this country saying something and not doing anything resembling the idea at all. china has one of the most fucked real estate markets in the world. chinese speculation is notorious for fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions. the money pours into vietnam and cambodia where families lose their savings "investing in a condo" that hasn't been built yet. china is a country run by an ultra capitalist mafia.
they built trains which are great. im a leftist too. but you guys, holy fuck.
Chinese property prices have been in continual decline for the past three years, when the bubble popped and the government has done little to incentivise further builds and mania.
Coupled with the aging population and falling birthrates, the mechanics simply aren’t there for it to happen again - so although Xi’s quote dates back to 2016 - it is very much true now in China.
There has been a sharp turn in national investment towards high-tech manufacturing, driven by EVs and associated industries, as the next engine for economic growth and prosperity.
Whether or not that actually plays out as intended is a seperate matter, but that’s really outside the scope of this discussion.
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This is the central issue to Australia's housing affordability and availability crisis
Yup, and with more than two decades of rat-box quality appartments sold primarily as investment vehicles have pushed first-home further and further out - placing a massive burden on infrastructure to keep up.
The problem is, the vast majority of our politicians are heavily invested into the property market and are therefore disincentivised to do anything substantial to fix it.
Even those with only one property to their name, wouldn’t want to do anything substantial to cause property values to decline. They are in the unenviable position of trying to freeze property prices where they currently are for the next ~50 years or so and let society catch up in terms of buying power.
It’s definitely doable, but the risks of fucking it up greatly out-weigh the potential successes, so no one really seems willing to pick up the mantle.
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Yup, and with more than two decades of rat-box quality appartments sold primarily as investment vehicles have pushed first-home further and further out - placing a massive burden on infrastructure to keep up.
The problem is, the vast majority of our politicians are heavily invested into the property market and are therefore disincentivised to do anything substantial to fix it.
Even those with only one property to their name, wouldn’t want to do anything substantial to cause property values to decline. They are in the unenviable position of trying to freeze property prices where they currently are for the next ~50 years or so and let society catch up in terms of buying power.
It’s definitely doable, but the risks of fucking it up greatly out-weigh the potential successes, so no one really seems willing to pick up the mantle.
Slow and phased changes to tax legislation to remove incentives with suitable grace and transition periods for people to offload assets would see a dramatic improvement to property prices for buyers. The impact on sellers would be determined by the market but we could expect lower prices due to an influx of volume.
The other issue is that Australia's economy is held up by big banks which are in turn propped up by their mortgage debts. A reduction to property values will see a downturn on the ASX. All the more reason for Australia to reinvigorate its manufacturing footprint and diversify its economics.
Getting rich off of a property portfolio is lazy and unproductive. Try operating a business that is useful to someone or pushing the boundary of innovation. Instead we have all those boomers out there filing away their monthly statements from their property manager saying "YoU JuSt GoTtA WoRk hArDeR!" What a joke.
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Slow and phased changes to tax legislation to remove incentives with suitable grace and transition periods for people to offload assets would see a dramatic improvement to property prices for buyers. The impact on sellers would be determined by the market but we could expect lower prices due to an influx of volume.
The other issue is that Australia's economy is held up by big banks which are in turn propped up by their mortgage debts. A reduction to property values will see a downturn on the ASX. All the more reason for Australia to reinvigorate its manufacturing footprint and diversify its economics.
Getting rich off of a property portfolio is lazy and unproductive. Try operating a business that is useful to someone or pushing the boundary of innovation. Instead we have all those boomers out there filing away their monthly statements from their property manager saying "YoU JuSt GoTtA WoRk hArDeR!" What a joke.
