👉Background

Last updated September 2021

Real estate is the mother of cycles, nine out of ten crises. Excessive financialization is a source of risk, people Land linkages and financial stability are fundamental solutions. This paper studies the global real estate bubbles Birth, madness, crash and revelation, including the Florida State House 1923-1926 The real estate bubble and the Great Depression, the Japanese real estate bubble and the lost two decades from 1986 to 1991, 1992-1993 China Hainan real estate bubble, 1991-1997 Southeast Asia real estate bubble The bubble and the Asian financial crisis, the 2001-2008 US real estate bubble and the subprime mortgage crisis. past It is not as good as smoke, the human nature remains unchanged with the passage of time.

In 1985, Japan's economy was booming unprecedentedly, and "buy the United States" and "Japan can say no" prevailed. at low interest 1986-1990, stimulated by interest rates, excess liquidity, financial liberalization, and international capital inflows, etc. In 2009, Japanese real estate gave birth to an unprecedented big bubble, and the price of land in Tokyo alone is equivalent to Land prices across the United States. After interest rate hikes, regulation of real estate loans and land transactions, Under the pressure of capital outflow and other pressures, the big real estate bubble collapsed, followed by a long decline in housing prices Journey, the Japanese economy fell into a lost two decades.

In the context of high housing prices, young people are full of stress, and the happiness index of life plummets.

The COVID-19 epidemic has caused the global economy to stagnate, and the real estate industry, as the main economic support of most countries, has become the main weapon for financial hedging. Uncontrolled use of real estate as the lifeline of the country's economy will cause the greatest harm in the end. The people have no way to enjoy the happy fruits brought by their labor, and they rush around for the house all day long. Under the pressure of high housing prices, young people have formed economic pressure and mental pressure. These factors contribute to low fertility and suicide rates. It has an irreversible impact on the stable development of the country and the steady progress of the economy. No one wants to live in a country without hope. No one wants to live in a deformed social system. Under the social background of high housing prices, young people have no motivation to realize their dreams, and buying a property has become the main goal of most young people. These factors can lead to a country's lack of innovation. When a country does not innovate, one can imagine how sad and cruel it is.

What are the negative impacts of the excessive development of real estate on the country and society?

1. Maintaining high housing prices and their rising trend seriously endangers the coordinated and healthy development of the national economy, endangers the vital interests of most people, and weakens the competitiveness of the real economy.

2. High housing prices have suppressed the rigid and improved demands of most ordinary workers.

3. High housing prices aggravate the economic pressure of homebuyers for the purpose of living, hamper the spending power of two generations, weaken the purchasing power of other consumer goods, compress the market space of other industries, and hinder the coordinated development of the national economic and industrial system. .

4. High housing prices raise the cost of industry and commerce and weaken the country's economic competitiveness.

5. High housing prices have a subversive and destructive effect on building an innovative country.

6. High housing prices promote the concentration of social wealth to a few people, which exacerbates the inequitable distribution of wealth.

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