this post was submitted on 23 Sep 2023
151 points (100.0% liked)
memes
22774 readers
404 users here now
dank memes
Rules:
-
All posts must be memes and follow a general meme setup.
-
No unedited webcomics.
-
Someone saying something funny or cringe on twitter/tumblr/reddit/etc. is not a meme. Post that stuff in !the_dunk_tank@www.hexbear.net, it's a great comm.
-
Va*sh posting is haram and will be removed.
-
Follow the code of conduct.
-
Tag OC at the end of your title and we'll probably pin it for a while if we see it.
-
Recent reposts might be removed.
-
No anti-natalism memes. See: Eco-fascism Primer
founded 4 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
How is this actually done in communist countries? Is it all housing co-ops?
I don't know. The more I read about countries like China and Cuba, the more I realize I really have no idea what's going on or how things work over there. And it's not like it is easy to find unbiased information.
some decent papers in here: https://www.dukeupress.edu/the-cuba-reader-second-edition
In China they have rules that aggressively favor owner-occupiers.
Eg if you want to buy a second property you need to pay 60% cash up front and can only borrow 40%, and for a third or subsequent property you can’t get a mortgage and need to pay cash.
This means being a speculator in existing housing stock isn’t attractive since it locks up so much capital - and so speculators have instead invested in new builds which is why there has been a bubble in construction, but at least it means for the existing housing stock is largely an owner-occupier market.
There are also special funds specifically for saving for a house, kind of similar to a 401k, that you can put your money into as a savings account and your employer has to match your contributions.
also sometimes the Chinese state will just seize real estate if they feel like it. So if you do lock up capital in landlording in China there is a risk they will just take that capital