you are viewing a single comment's thread
view the rest of the comments
[–] 34 points 10 months ago (21 children)

And what's the problem with that?

This may be a hot take but I think there should not be forever private ancestral lands.

The city/state should periodically get the land back and resell it to cover the ever changing maintenance costs (heck you are paying this with the increasing property tax)

The city/state should have a relatively predictable timeline of when they can reliably gain control of a land back so they can plan development around it (particularly infrastructure) and not deal with someone who know they can just squat on such land to sell for an inflated price.

Having an "expiration date" on the land is a surefire way to stop ever increasing property prices, getting a home with a shorter remaining lease period might be preferable for some who is not going to stay there permanently but long enough to want to own a home and having these options be a cheaper option is a very good thing. Such expiration date also means it is easier to modernize each property as needed, this will not be the death of historic buildings because the city/state still can make exceptions for them if needed.

Also how many of the US-ians are getting a house as their inheritance anyways? Oftentimes when a generation passes away post retirement, their house gets sold to some investment firm and becomes a rental.

  • source
  • parent
  • hideshow 21 child comments
  • [+] -3 points 10 months ago (20 children)
  • [+] 25 points 10 months ago (2 children)
  • [+] -5 points 10 months ago (1 child)
  • load more comments (-1 replies)
  • [–] 4 points 10 months ago (17 children)

    There are no property taxes in China last I checked.

  • source
  • parent
  • hideshow 17 child comments
  • [–] -5 points 10 months ago (3 children)

    If they have to pay to renew the lease, that's is a kind of property tax, especially if an individual has to compete to buy their own lease. This may or may not be the case.

    There are also ostensibly value-added taxes and land appreciation taxes but I'll admit those are not property taxes per se.

    There is also this source that says that select cities such as Shanghai and Chongqing have pilot programs for property tax primarily targeted at high-value residential properties and secondary homes but they don't have any sources, so I have no clue if it's true.

  • source
  • parent
  • hideshow 3 child comments
  • [–] 7 points 10 months ago (2 children)

    The news about the pilot is correct. Xi Jinping had been pushing for it for a long time and this is all he has been able to get so far. He is strongly against speculative growth of real estate.

    AFAIK residents don't have to compete to renew the lease. We have seen the first batches of leases expiring in recent times and no one got evicted. What I understand is that, you can't sell your house after the lease expires, but you can continue living their indefinitely till the building crumbles. If the government decides to demolish and redevelop, then they give you a new house in the same place.

  • source
  • parent
  • hideshow 2 child comments
  • [+] -9 points 10 months ago (12 children)
  • [–] 7 points 10 months ago (11 children)

    Being a jackass is also not a meaningful contribution.

  • source
  • parent
  • hideshow 11 child comments
  • [+] -7 points 10 months ago (10 children)
  • [–] 5 points 10 months ago (9 children)

    Pointing out someone being rude does not make me rude.

  • source
  • parent
  • hideshow 9 child comments
  • [+] -4 points 10 months ago (8 children)
  • [–] 4 points 10 months ago (6 children)

    And now look how far you’ve brought us off track. Completely derailed the conversation. I hope you’re quite proud of yourself.

  • source
  • parent
  • hideshow 6 child comments
  • [+] -3 points 10 months ago (5 children)
  • [–] 4 points 10 months ago (4 children)

    Yeah bud. I was being sardonic. And you’re just still being a jackass.

  • source
  • parent
  • hideshow 4 child comments
  • [+] -1 points 10 months ago (3 children)
  • load more comments (-1 replies)