Corrente

If you have "no place to go," come here!

We've got foreclosures, the Chinese have forced demolitions

China Geek:

I think this story warrants quite a bit more attention than it’s getting.

A few days ago, you may have read that the first-ever audit of China’s local governments determined that they had somehow amassed $1.6 trillion in debt. This is notable and important in and of itself, but in light of where China’s local governments get their money, I think it’s bound to lead to even more forced demolition and land seizure ....

And whatever rules the central government may have made about illegal demolitions, a rise in land sales means a rise in land seizures, and that means a rise in forced demolitions. Forced demolition is, of course, currently the biggest single cause of social unrest in China.

Keep an eye on this story. Despite efforts to cut down on demolitions through new laws — pause for laughter — I have a feeling that economic realities are going to force another wave of divisive demolitions and, as usual, the poor and weak will be forced to pay for the sins of the rich and powerful by giving up their homes so developers can build luxury apartments no one will ever actually live in.

Happy 90th birthday, CCP.

It's almost like the elites all over the world are acting the same way, although the non-elites are reacting according to local circumstances.

0
No votes yet

Comments

Submitted by jawbone on

Heh.

Already, Chicago has worked out bulldozing of foreclosed homes, some because they are so badly vandalized, but some to clear land for "development."

CNBC has this video of another reason: By the time the houses might sell, the colors will be out of fashing, WIFI may be outdated, etc.

So, we're already doing it. Now, Fannie Mae is suggesting doing it some more. Bring down the supply so prices can rise again!

But...but...but...but...who can afford the higher prices?