I believe expensive housing is at the root of many societal problems, it's not even funny. We don't have park benches because we've adopted hostile architecture to keep out "undesirables". This mostly means "homeless people". But why are there so many homeless people? The primary reason is housing unaffordability [1].

One of the funny things about China is that there are a lot of "experts" who insist on reading the tea leaves and assign secret, nefarious motives. The truth is that China is pretty open about what they're doing. If you take everything China says at face value you're going to be ahead of 95% of the China talking heads on TV. That's not hyperbole.

Property speculation was a common way for Chinese people to accumulate wealth. This has made property expensive in the Tier 1 cities in particular. The CCP had tried to cool this with various reforms but it turned property into a Ponzi scheme. Basically, developers would have to sell new units and then use those funds to finish a previous project. This is a big factor in the Evergrande default [2].

Xi Jinping took power in 2019 and had some policy priorities that include cracking down on corruption, reforming the housing market and ecological living. In 2019, he famously said "houses are for living, not for speculation" [3]. So the real estate market has been in decline for years. Some might view that as a failure but it was an intentional popping of a real estate bubble for the greater good. China makes it difficult and expensive to own more than one home. Likewise, foreign capital can't be parked in real estate like it can in the West.

One of the good things about the Internet is that people can see for themselves how modern, clean and people-centric Chinese cities are, particularly Tier 1/2 cities.

Instead of investing in society, we militarize and overfund the police, start pointless wars, create homeless people through unaffordability and build our cities around various profit opportunities for mega-corporations (even having to have a card is to the benefit of corporations). And of course we can't forget what role racism played in how our cities evolved and were planned.

[1]: https://endhomelessness.org/state-of-homelessness/

[2]: https://www.reuters.com/world/china/default-delisting-evergr...

[3]: https://en.wikipedia.org/wiki/Houses_are_for_living,_not_for...