What is socialism?
Socialism, framed as the "collective ownership of the means of production," takes property and freedom away from individuals by force in the name of "equality."
This can be done to various degrees: either in entirety, with brutal, full-scale confiscations, or through a softer, more "humane" way, using redistributive taxation, mass state employment, excessive regulations, price, wage, and rent controls, and other such measures.
In either form, socialism consists of direct or indirect stealing, limiting people's freedom and making them dependent on the state.
There's an abundance of socialist measures, but they all share the same pattern: politicians promise larger groups that they will legalize stealing from smaller groups (through taxation, nationalization, rent limits, or other ways) and share the loot with them in the form of "free" services, state handouts, subsidies, or by financing certain projects. In exchange, they ask for power.
This is in essence the "social contract" of the Left. The problem with this deal is not only that it's immoral, but that also, in the long run, it ends up hurting the overall economy and making most people poorer and more oppressed—including the ones who, at first, appear to benefit.
Socialists promise free things. How they finance those things is simply with other people's earnings. They frame their policies as promoting "equality," "solidarity," or "social justice" to legitimize their votes-for-stolen-money proposition, and many fall for this deception.
Once understood, it's easy to see how their "solutions" pave the way to poverty and totalitarianism.