Chinese authorities have rejected a proposal made by the International Monetary Fund to use central government funds to complete unfinished housing, dealing a blow to hopes for more forceful support to an industry that’s been a major drag on the economy.
This isn’t about people getting a place to live, this is speculation, like Bitcoin, but with housing. There’s a mass of people buying housing to commodify it by selling it later at a huge price or by renting it out. This mass of people got scammed by housing developers who promised to deliver the apartment or house (at a good quality). Unfortunately, that didn’t happen; developers ran ponzi schemes. They used investors’ money to start new constructions and attract new investors, and stopped working on the old constructions or finished them poorly with bad materials.
This is how capitalism works unregulated. So the small investors fucked around trying to become petite bourgeoisie, and they’re finding out the beauty of capitalism.
I know this is hard to hear for Americans, but if you’re making money from being a landlord or flipping houses, you’re a piece of shit.
Bailing out these investors would be like bailing out Bitcoin “common people” investors when the “currency” crashes.
If you buy a derelict house(that no human can possibly live in) and fix it up to a decent standard with the intent to sell it, are you still a piece of shit?
IMF: your housing market is collapsing
China: yeah we know
IMF: so how about you bail out those poor housing investors
China: …no thanks
IMF: surprised Pikachu
Majority of those housing investors being the common people who are buying homes…
This isn’t about people getting a place to live, this is speculation, like Bitcoin, but with housing. There’s a mass of people buying housing to commodify it by selling it later at a huge price or by renting it out. This mass of people got scammed by housing developers who promised to deliver the apartment or house (at a good quality). Unfortunately, that didn’t happen; developers ran ponzi schemes. They used investors’ money to start new constructions and attract new investors, and stopped working on the old constructions or finished them poorly with bad materials.
This is how capitalism works unregulated. So the small investors fucked around trying to become petite bourgeoisie, and they’re finding out the beauty of capitalism.
I know this is hard to hear for Americans, but if you’re making money from being a landlord or flipping houses, you’re a piece of shit.
Bailing out these investors would be like bailing out Bitcoin “common people” investors when the “currency” crashes.
edit: grammar
If you buy a derelict house(that no human can possibly live in) and fix it up to a decent standard with the intent to sell it, are you still a piece of shit?
You add the repairs to the price.
If you’re creating a luxury house/apartment, well, the word “luxury” is already there.
I’m really confused… Did you answer my question?
I clarified how it depends. The answer was “it depends”, which is a very displeasing answer, so I skipped a step.
if they bought the houses to live and not speculate, it doesn’t matter