If you want to live of your rents, buy a commercial or industrial building, speculate with that. But residential construction should be protected to ensure each household is able to buy one with the average country salary.
Housing debt has to expand or the economy tanks because the money supply shrinks. Since we are at the end of the current debt cycle, housing has gone vertical. It will collapse because eventually exponential curves can't fit reality. We may be seeing the start of that now.
The core problem is how we create money and who benefits from it. That's what needs to be fixed.
https://en.wikipedia.org/wiki/Chinese_property_sector_crisis...
Never mind, I added a link to it, and the prior Chinese bubble (https://en.wikipedia.org/wiki/Chinese_property_bubble_(2005%...
Also for land tax and similar: raise them by a lot and use that money to pay for a tax-exemption for one home
https://en.wikipedia.org/wiki/Chinese_property_sector_crisis...
I wonder when Xi will come up with a witty one liner for that one.
you can apply this for pretty much everything, who will decide what can be used for speculation? I want much rather free market than someone deciding what I can buy with my earned money
yeah, and gold should be for making space stuff, electronics or jewelerry, and water should be for drinking/cooking, not for having fun in swimming pool, etc.
edit: the problem in China is not expensive real estate, but no options to invest money, Chinese stock is shit, you would earn pretty much nothing over 10 year period, made that mistake once, even real estate prices are not really growing in China, my in laws bought apartment many years ago, now they would be lucky to sell it for zero profit, blame chinese economy with minimal real growth causing minimal inflation causing all these issues
on the other hand it's nice to come to China after 9 years and find out meals in restaurant cost pretty much same as 9 years ago, unnelievable in Europe, sadly so are their salaries and I have still seen job ads offering like 2500-3500RMB same as 10 years ago, though you can rent small apartment for 1200-1600 RMB (talking both about Beijing suburbs)
nice bonus in China is you can't even own the land with your house, just lease it for few decades
Whether you think that’s a good thing or not depends on whether you _actually_ believe in meritocracy or not. I’ve found most people don’t believe in it as much as they say they do.
I would 100% support measures that inhibit corporations from owning residential property.
Apartments are probably a special case, but I'm not entirely convinced the age of giant corporate complexes is a good one.
I also don't necessarily mind if a PERSON owns a house and rents it out (e.g., to spend a year somewhere else, or because it's a lake house or something), but I get suspicious of they own a bunch of them and make it a business. Denying corporate status would discourage that.