Comment on Everyday AI looks more like the '08 housing bubble
ThirdConsul@lemmy.ml 2 weeks agoThere are always bad actors in the system (see: hedge funds). But bubble? It can be argued that Ordos (the ghost city) was build too early, but it’s filling in nicely. From 30k in 2009 to 2.000.000+ in 2020.
en.wikipedia.org/wiki/Ordos_City
On the other hand noone ever build a damn whole modern city before for the people, so I’m not surprised they jumped the gun.
KeenFlame@feddit.nu 1 week ago
When Investors own houses only because it will appreciate in value from time only, that is a fundamentally flawed system because in reality houses decrease in value as they get older. It creates an environment where everyone involved is a bad actor
ThirdConsul@lemmy.ml 1 week ago
I’m sorry, I’m a little bit lost. I do agree that investment in owning rentals should be forbidden (and if city needs rental units they should be owned by the city).
I do not agree that “ghost cities” were built for speculative purposes. Speculants were buying them like crazy, yes, but the actual need for housing in regions planned (expected?) to undergo urbanization is real and the buildings were fulfilling that purpose.
KeenFlame@feddit.nu 1 week ago
Let me guess… is it because the people’s republic is flawless in every concievable way? I saw some footage from someone that was there, not a news agency. I won’t pretend that couldn’t be wrong, but I am known to occasionally enjoy Occam’s razor.
ThirdConsul@lemmy.ml 1 week ago
Yeah, my server end with ml so I must be a tankie, makes sense.
It cannot be that I genuinely appreciate long term vision policies. I must be a tankie.