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5 days agoIf they have to pay to renew the lease, that’s is a kind of property tax, especially if an individual has to compete to buy their own lease.
That’s my point when people go “oh they don’t own the house they lease the land” because having to owe property taxes on a paid off house is functionally similar (but the U.S. still doesn’t have 90%+ home ownership rates and even if it did the vast majority would still be paying on mortgages in addition to property taxes)
They’re different because the chinese own their houses while Americans are leasing them from banks unless they’re lucky enough to pay it off before they die