How Vladimir Putin created a housing bubble

Mortgages used to be a troublesome promote in Russia. Many years of Soviet propaganda, which denounced credit score as an insufferable burden, had an impact. Even after the top of communism, Russians nonetheless referred to mortgages as “debt slavery”, preferring to save lots of till they may purchase their properties outright. Vladimir Putin, the nation’s president, has spent twenty years attempting to persuade his residents to take a unique view. In 2003, throughout his first time period, he defined that mortgages would possibly assist resolve “the acute downside of housing” dealing with Russians. His plea fell on deaf ears.