3 ms·
Here’s a hot take. China did it right by not selling land and only selling a 75 year land lease agreement. US would be better off if land was owned by the peop
by bushbaba 4y ago
Here’s a hot take. China did it right by not selling land and only selling a 75 year land lease agreement.
US would be better off if land was owned by the people and reclaimed by the people after a generational time period.
- bobthepanda 4y agoLeasehold comes with its own problems. Part of why China now has a imploding property market is that governments got addicted to leasehold revenues to keep taxes low, and so encouraged a lot of artificial scarcity. Affordability is much worse there; house prices in NYC are 10.5x income, SF is 12, LA is 13. Shanghai has a house to income price ratio of 47
- refurb 4y agoSingapore does this too (very little land is freehold). It looks great in China and Singapore because, well, the leases haven’t run out yet. They’ve just started to in Singapore and the end result is “you have until the end of the month to leave and you receive $0 compensation”. As a result they have to spend a ton of money on social housing and create massive disruption in the lives of seniors. There is no free lunch here.