The situation you speak of is occuring all over. Speculators from private persons with money, like the Chinese, all the way to institutional and investment speculators are snatching up properties worldwide - so this is not just a US problem for average people that now find themselves unable to live in their own communities due to the increases. Entities that come in without financing and buy properties outright are driving up valuations beyond the reach of everyday people essentially forcing the common people either to become renters or homeless - a modern day feudal system in the making.
Tangible assets like real estate are where people park their money when other financial instruments seem too volatile. The average person on the other hand simply wants a place to live. The Chinese in particular see real estate as a means of not only holding wealth, but also making profit. With highly leveraged real estate development contributing around 1/3 of the Chinese economy, investment in real estate has been the Chinese citizens' primary way to achieve wealth - or so they thought. The real estate sector, along with foreign investment withdrawal, is currently in freefall which is taking down the rest of the economy.
Profit at all cost has become the Chinese religion so to speak under CCP rule. Very little concern is given to those hurt in the pursuit of profit - it is every person for themselves. This mindset goes beyond just the upper classes and is endemic throughout the society. Throughout history even the Chinese emperors made attempts to rein in corruption without success. This kind of self serving attitude and focus on financial gain has destroyed Chinese society and culture, and unfortunately, this kind of greed with Chinese characteristics is being exported to the rest of the world on top of our own greed. Our one saving grace however is that at least our society in general still cares for one another. But sadly, with all the influx of people from outside our own culture is eroding what really is at the core of what makes us great - our care and compassion for other human beings.
The situation you speak of is occuring all over. Speculators from private persons with money, like the Chinese, all the way to institutional and investment speculators are snatching up properties worldwide - so this is not just a US problem for average people that now find themselves unable to live in their own communities due to the increases. Entities that come in without financing and buy properties outright are driving up valuations beyond the reach of everyday people essentially forcing the common people either to become renters or homeless - a modern day feudal system in the making.
Tangible assets like real estate are where people park their money when other financial instruments seem too volatile. The average person on the other hand simply wants a place to live. The Chinese in particular see real estate as a means of not only holding wealth, but also making profit. With highly leveraged real estate development contributing around 1/3 of the Chinese economy, investment in real estate has been the Chinese citizens' primary way to achieve wealth - or so they thought. The real estate sector, along with foreign investment withdrawal, is currently in freefall which is taking down the rest of the economy.
Profit at all cost has become the Chinese religion so to speak under CCP rule. Very little concern is given to those hurt in the pursuit of profit - it is every person for themselves. This mindset goes beyond just the upper classes and is endemic throughout the society. Throughout history even the Chinese emperors made attempts to rein in corruption without success. This kind of self serving attitude and focus on financial gain has destroyed Chinese society and culture, and unfortunately, this kind of greed with Chinese characteristics is being exported to the rest of the world on top of our own greed. Our one saving grace however is that at lest our society in general still cares for one another. But sadly, with all the influx of people from outside our own culture is eroding what really is at the core of what makes us great - our care and compassion for other human beings.
The situation you speak of is occuring all over. Speculators from private persons with money, like the Chinese, all the way to institutional and investment speculators are snatching up properties worldwide - so this is not just a US problem for average people that now find themselves unable to live in their own communities due to the increases. Entities that come in without financing and buy properties outright are driving up valuations beyond the reach of everyday people essentially forcing the common people either to become renters or homeless - a modern day feudal system in the making.
Tangible assets like real estate are where people park their money when other financial instruments seem too volatile. The average person on the other hand simply wants a place to live. The Chinese in particular see real estate as a means of not only holding wealth, but also making profit. With highly leveraged real estate development contributing around 1/3 of the Chinese economy, investment in real estate has been the Chinese citizens primary way to achieve wealth - or so they thought. The real estate sector, along with foreign investment withdrawal, is currently in freefall which is taking down the rest of the economy.
Profit at all cost has become the Chinese religion so to speak under CCP rule. Very little concern is given to those hurt in the pursuit of profit - it is every person for themselves. This mindset goes beyond just the upper classes and is endemic throughout the society. Throughout history even the Chinese emperors made attempts to rein in corruption without success. This kind of self serving attitude and focus on financial gain has destroyed Chinese society and culture, and unfortunately, this kind of greed with Chinese characteristics is being exported to the rest of the world on top of our own greed. Our one saving grace however is that at lest our society in general still cares for one another. But sadly, with all the influx of people from outside our own culture is eroding what really is at the core of what makes us great - our care and compassion for other human beings.