Patrickov wrote:Indeed. I, for one, do not hesitate to admit the desire to be rich too (which, to say the least, opens the prospect of accessing decent members of the opposite gender ) However, there are simply more than one ways to be rich, and if a house (actually just a very small apartment!! Detached houses can cost in the order of 10M USD or even more!!) costs as much as a lottery first prize it is simply not worth owning one anyways.
That's probably the point. At best, it's a balancing act. It should be worth owning, yet too expensive for filthy casuals to be able to flip it. Exactly how to accomplish that though, or for how long people will fall for it before wanting something other than ownership (it might be a long time), is unclear.
I have to point out that, both the Chinese and the American Systems do not provide security as I understand it. In China, the Government can seize whatever you have if you get in someone's way, especially if the person in concern is a local bully (someone higher in order would have to be more careful); while in America, one might get their heads popped by a lunatic randomly.
The problem here is, the Chinese not only are negligent to our security, they are actually trying to impose a System where the Government or a local bully can arbitrarily bleed us to death.
Also in America, there is something called eminent domain. This means that the government can seize your land at any time they deem it necessary, provided of course that they pay you fair compensation. The ones who determine what fair compensation is are more or less the same people who are seizing your land. So, actual property ownership is arguably an illusion anyway because every government in the world has some form of eminent domain. However, in America and other western countries the eminent domain clause is rarely invoked and so people are under the impression that they own their land forever.
A funny side note here is that according to a YouTube video I watched, the Queen of England technically owns all of the land in the UK, Canada and Australia, it's just that no one expects her to even attempt to exercise this ownership right in any real way, aside from the eminent domain clause in the UK probably mentioning Her Majesty or something.
The housing crisis in Hong Kong is a strange animal. You have huge demand and wealthy people, whereas other people are earning barely more than a mainland Chinese-level wage, so there is a huge disparity in purchasing power and wealth here. The government is even building an artificial island to fill with public housing structures, which seems like a worthy project to me. Exactly how housing issues should be handled is beyond my expertise but I feel as if I have a handle on why most of the world is in more or less the same state regarding this.
Ironically, the place with the most real estate flipping right now is probably mainland China, yet this has been accused of being a bubble economy with unusable "ghost cities" for many years and just how that plays out is pretty unclear.