It would in the west, in China they do a controlled crash, i mean it's already happened, one of their biggest housing companies already crashed and it did not caused anything except rise in home ownership among the people.

[–] realharo@lemm.ee 1 points 8 months ago (7 children)

What about all those unfinished buildings that people got in debt to buy?

[–] RestrictedAccount@lemmy.world 9 points 8 months ago* (last edited 8 months ago) (6 children)

They are not needed. There is no one to live in them.

They have over a billion excess homes. It was the only thing that normal people could invest in so they just kept building.

If you bought one as an investment, nobody is going to buy them from you. They are worthless.

[–] realharo@lemm.ee 2 points 8 months ago* (last edited 8 months ago) (1 children)

But what is the actual real-world practical solution for those people?

Are they now just going to be broke (or even in debt) with no place to live?

[–] Alsephina@lemmy.ml 3 points 8 months ago

Someone buying an unfinished building likely already has a home. If they don't they can buy one for much cheaper now since housing prices have gone down cuz of the real estate bubble popping.

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