> There were purges aplenty during the Communist times, to make way for loyalist bureaucrats. What's taking place is the incipience of not just a stable regime but a calcified one.
If it were calcified, you'd probably have a lot more willingness to bet on a business decision being profitable. There'd be a very obvious, solid understanding of market rules and there would be little likelihood of them changing.
The problem with Trump - well, in this regard; there are plenty of others - is that he is used to operating as an absolute monarch, with his previous "kingdom" being the Trump Organization. That kingdom existed purely for his benefit and there wasn't really any consideration of peers like you'd have with actual kings who rule over countries with societies and borders. The only decisions he had to make right were the ones benefitting him, and whether or not they did that was quite evident.
Now he's a leader of a country that does have borders and a society. There are parties with interests that he must satisfy. You can tell he's never had to do that before and part of how he handles that is to just bully those parties into submission, but the other way is to use his status to make proclamations that supposedly have some sort of force to them to placate the other interests.
An example would be the proclamation that institutional investors will be banned from buying single-family homes. That's meant to placate his working-class base, most of whom can't afford a home. Do we know how far he'll go in enforcing that proclamation? No. It directly contradicts some of the other positions he's been identified as supporting, and is unlikely to be enforceable on a mass scale, but if he does sign some sort of order telling the DoJ or SEC or whoever to investigate purchases of that sort of real estate by institutional investors, well, you could end up at the wrong end of a government investigation, particularly if you have somehow pissed him off. Which isn't particularly hard to do, either.
Thus, you can say the regulatory regime over single-family residential real estate market is now less stable than it was before. We don't know what will happen. And that makes it hard to make a business decision around it.