Socialism doesn't allow for private property ownership.

Socialism as an ideology primarily opposes private ownership of the means of production, such as factories, farms, and large-scale capital assets, because these enable wealth accumulation by a few at the expense of the majority. This is a core principle reflected in multiple sources.iep.utm.eduiep.utm.eduSocialismlink.springer.comlink.springer.comProperty Rights in Socialism, Exchange and Production+2 more

However, socialism usually differentiates between 'private property' in the economic sense (productive assets) and 'personal property' (items for personal use like clothing, homes, or personal belongings). Most socialist theories and movements accept personal property rights while advocating for collective or public ownership of productive resources.reddit.comreddit.comr/CapitalismVSocialism on Reddit: For Socialists, do you believe in private... There are also variations within socialism; some forms allow limited private property rights outside the means of production.quora.comquora.comCan socialism coexist with private property rights? Is there a specific type of...+3 more

Historical socialist experiments have focused on abolishing private property rights related to production but not necessarily all forms of private ownership. Therefore, the statement is accurate in the context of economic/private property but incomplete if interpreted as banning all forms of private ownership.