The chief executive announced various measures in his policy address to the Legislative Council, aimed at increasing subsidised housing and also at stabilising home prices, especially for lower-income families.
Despite this, many members of the public are still concerned that rents and home prices will continue to rise beyond their affordability. A basic reason no doubt has to do with the current production shortage of home units suitable for lower-income families.
Another reason is that the short- and medium-term home building plans stated in the policy address will take a number of years to be realised.
The Hong Kong Civic Association notes that the secretary for transport and housing was recently reported in the media as saying that the government was obliged to intervene in the housing market if home prices rose beyond the affordability of residents, and that it would study any possible option to enhance home supply.
Since home prices in Hong Kong are reportedly among the highest in the world, the government will have no choice but to take timely and appropriate measures in the public interest, to keep home prices, particularly for lower- and middle-income families, as stable and affordable as possible.
This should be done now, as well as in the near- and long-term future.