Well, what if most houses in an economy were what we called apartments?
Also, in China, the people (gov) owns the land. We are only entitled to a 70 year lease on it. Oddly enough, this is applied to housing (apartments) also. But China also lacks a property tax and so has all the bad speculation behavior and rent-seeking that goes along with that.
Also, in China, the people (gov) owns the land. We are only entitled to a 70 year lease on it. Oddly enough, this is applied to housing (apartments) also. But China also lacks a property tax and so has all the bad speculation behavior and rent-seeking that goes along with that.