Beijing Just Unveiled Uber-Draconian "One House Per Family" Rules To Curb Bubble

The Business Insider ^ | 4-30-2010 | Joe Weisenthal

[blam]

Beijing Just Unveiled Uber-Draconian "One House Per Family" Rules To Curb Bubble

Joe Weisenthal
Apr. 30, 2010, 6:40 AM

Over the past several months, China has taken various measures to cool its raging housing bubble, but this may be the wildest one yet.

According to multiple reports from Xinhua and China Daily, Beijing has just announced a one apartment per family rule. That's right. You can't have a second apartment. And this doesn't just mean mortgage-buyers. Cash buyers, too, can't buy multiples.

Amazingly, some are already thinking that these and similar regulations will cause a surge in divorce in China. After all, if there are two of you in the family, that's two mortgages you can buy

[snip]

[kittymyrib]

Too bad BO wasn’t born in China. He would have been a perfect fit for their government.

[Frenchtown Dan]

So?
This is a country that has forced sterilization.
One apartment or house per family is nothing compared to that.

[Leisler]

Wonder which mansion Al Gore would keep? Does he get to keep his 110’ house boat yacht too?

[Maine Mariner]

Somehow I think the communist part elite will be exempt from this law.

[apillar]

The only difference between China and Obama, is that China can implement any Marxist totalitarian law it wants, Obama still has to worry about election and congress so he has to slip his Marxist totalitarian laws through the congressional process in the form of feel good bills that people support. At least you can give China credit for being honest about what they are all about.

[BfloGuy]

This will work out just about as well as those Whip-Inflation-Now buttons from the Ford administration. The problem is too much newly-printed money -- not some inchoate greed for housing. The housing bubble may be eased, but another bubble will break out somewhere else.

I thought the Chinese were smarter than this.