Depending on how one defines homelessness, China has either a very tiny homeless population or an extremely large one. Compared to other countries, there very few vagrants: people living on the streets of China's cities without means of support. But if one counts the people who migrated to cities without a legal permit (hukou), work as day laborers without job security or a company dormitory, and live in overcrowded and unsanitary conditions on the edge of cities, there are nearly 300 million homeless
I think what they're trying to say in thr meme is that the building is government funded.
In the US, we also a made some government funded buildings, "projects" but it did not go very well (combination of bad optics, and supposedly bad funding) .
So the US basically said fuck public funding for housing, the free market will fix everything.
And instead of the "ugly" buildings that Russia has (the idea pushed onto Americans) , we ended up with a large number of unhoused people because of spiraling out of control housing costs
The US uses vouchers, but they are underfunded (years long wait lists) and not accepted in many places. Some of the places that do accept them have similar issues to housing projects.