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70% of China’s Millennials Are Homeowners, Canadians and Americans…Not So Lucky (lemmygrad.ml)

submitted 2 weeks ago by [email protected] to c/[email protected]

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https://betterdwelling.com/70-chinas-millennials-homeowners-canadians-americans-not-lucky/

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[–] [email protected] -4 points 2 weeks ago (1 children)

Eminent domain requires compensation equal to the value of the property. China uses eminent domain much more frequently than any country in the west. Some describe that as a virtue, others as a vice. Where I live you cannot lose your property due to failure to pay property tax unless it is an investment property. The state can place a lien against it, however.

[–] [email protected] 6 points 2 weeks ago

China uses eminent domain much more frequently than any country in the west

[citation needed]

Last I checked, there are plenty of pictures of China building around people's homes because they refused to let them go. Meanwhile, in the west, it's pretty common to buy people out even if they don't want to sell. The point here however, is not about splitting hairs, but that what China does isn't actually all that different. The key difference in China is that companies like BlackRock can't hoard property and force majority of the population to become serfs.