Posts Tagged ‘real estate bubble’

Fast Company has a photo essay documenting the downward spiral of Dubai, which had the biggest real estate / money laundering bubble on the planet. The photo says it all, long lines of sewage trucks waiting to dump sewage in the desert because large areas of city have no sewage hookups. Before the bust, truck [...]

The real estate market in Dubai has cratered, leaving behind half-completed opulent hotels, empty malls for the ultra-wealthy, and exposing an exploitative class systemwhere expats are tolerated and most of the work is done by an underclass of literally slave labor. The underclass comes from other countries, lured by false promises. their passports are taken, [...]