China’s Housing Crisis and the Poor

China’s Housing Crisis and the Poor
China is facing a housing crisis that could derail its economy. The country’s population is growing rapidly and the demand for housing is outpacing the available land, causing prices to skyrocket and driving millions of people from their homes. Amidst this challenge, the problem is especially serious for economically disadvantaged segments of the publication. They were being pushed out of neighborhoods they longed stayed in due to rising rental rates. Although some have saved for years and even dates to purchase a house, they risk losing everything with the looming correction in the real estate marketing in China.
The housing crisis in China is a result of many factors, but the most significant cause is the rapid increase in population and economic growth. As China’s economy grew faster than ever before, more people became crammed into small apartments and homes, leading to a dramatic increase in housing costs. This has driven many families out of business and into poverty.
The answers are unclear, but one may be to reduce housing costs by regulating the market so that prices are affordable for all citizens. Another may be to increase access to credit so that more people, especially those in lower-income categories could finance their purchases to reduce the risk of losing their homes. Finally, more incentives could be given to real estate developers to build more affordable housing units, and such incentives could be tax breaks for low-cost public land. Whether these or other solutions, it is clear something needs to be done quickly to save the segment of society at most risk from the real estate downturn.
Mengxin Yang