This statement tells about socialist paradigm, which was spread in the USSR in the past. Nowadays it is common in China, f.e. This paradigm means that people, as a society (nation, group, etc.) should share common things, and nobody actually owns anything. Everything is pretty much common.
So, f.e. one person cannot own a part of a road and make money on it. The road is common, and everybody shares it with others, it is free to use for everyone. Same with schools, courts, factories, farms and so on. It actually belongs to the state, and the state only can dictate any rules on how to use and develop the property.
This paradigm is pretty new to the US. We all know that business and private property are highly appreciated in the US society. And the idea of giving it all away to the state and being unable to make money on your property might sound a bit insane.
Still, there are examples in history when it worked for the society.