People’s Republic of China style.
The PRC is cracking down on excessive debt in the country’s housing industry, or so it claims. The government also claims it wants
to lower inequality and keep housing affordable for the masses.
But it just blew up 15 high rise apartment buildings. Those were already built, their cost sunk. Those complexes could have been at the core of the Communist Chinese Party’s claim of affordable housing.
Oh, wait—nobody wanted to live there.
That’s centrally planned economics in action. And a lesson for us, were our politicians interested in learning.