Comment on Owing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury you

Agent641@lemmy.world ⁨2⁩ ⁨days⁩ ago

• alcoholicorn@lemmy.ml ⁨2⁩ ⁨days⁩ ago

  I’m really trying to reconcile how the Chinese manage a more equal society while having a fraction of the tools we do; they don’t have property taxes, just a lease you renew every ~70 years, they can’t do QE like we do.

  It’s like we have all the tools to delay the trajectory of capitalism, we just choose not to use it.

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  • Speculater@lemmy.world ⁨2⁩ ⁨days⁩ ago

    So you never own your house in China, is what I’m reading in your post.

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    • Saurok@lemm.ee ⁨2⁩ ⁨days⁩ ago

      In China, you own the house, you just don’t own the land. Technically, the land is leased to you. For residential purposes though, you get about the same rights to the land as you do in the US though, but in most cases it’s a lot cheaper because you pay a fee every 70 or so years vs. every year that we pay property taxes. That also means that the government has fewer opportunities to take your land away from you than they do in the US (if you don’t pay your property taxes in the US, your land will be sold in a tax sale after a couple years). Your heirs still inherit your lease and have the right to renew when that 70 year mark comes back around. It’s a contributing factor towards the insanely high homeownership rate in China, which is around like 96 or 97 percent I think?

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      • Speculater@lemmy.world ⁨1⁩ ⁨day⁩ ago

        So it’s literally impossible to own a house in China?

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