For these people, the last resort is moving back to the villages and lay low.

I'm sure the homeless woman I watched die outside my apartment is grateful that she was given the freedom to freeze to death in an urban sidewalk as opposed to living in a rural area where the state guarantees land. Which mind you is the unattainable end goal for most people my age. And before you go on your liberal diatribe about how much rural china sucks I've been there and it's still better than 90% of the planet.

In China, because of so much wealth has been tied to the real estate, letting the housing bubble burst would cause unmitigated chain reaction across the financial sectors and even spread to the real economy, so the government has to provide a “soft landing” by any means necessary.

Famously the 2008 Financial crisis never involved government bail-outs of any kind and never had any effects on the financial sector. This of course has never had any real world consequence^1^ which definitely didn't turn the city Detroit into a ghost town.

1. https://en.wikipedia.org/wiki/2008%E2%80%932010_automotive_industry_crisis#United_States

The key here is government providing “soft landing” by socializing the costs - using the national wealth to slow the plunging property prices. This way, when the house finally drops to $500k, you are not losing $500k, but that loss has been spread to 5 other buyers, as well as many others’ to prop up/slow the falling price. The cost is thus socialized. This translates to people working longer hours for lower wages, with their wealth being used to provide a soft landing, but at least you won’t see large scale “falling off the kill line”. In this sense, the working class took on the burden experienced by the home-owning middle class, and cushioning their losses.

This paragraph is completely nonsensical and betrays a lack of understanding of both liberal and marxist economics. Like a garbled zhihu post. A slow deflation is how bubbles are supposed to end. I don't see how your alternative of allowing it to pop and create another 2008 financial crisis would benefit the working class. The same reduction in demand would exist in both cases, except in one case you have mild deflation and unemployment and on the other side case you have total economic collapse. Btw your whole "working class" "middle class" distinction is neoliberal nonsense, as is your "using their wealth to provide a soft landing" narrative.