Sweeping changes to Hong Kong’s subsidised housing policy set to be proposed by Chief Executive Carrie Lam, Post learns
Sources say proposals will make subsidised housing cheaper and impose a vacancy tax on newly built unsold homes
Hong Kong’s leader is expected to announce a package of new policy proposals to combat the city’s unaffordable housing by Friday, including a plan to make government-subsidised housing cheaper, the Post has learned.
The package will also include a proposed vacancy tax on newly built but unsold homes, as well as taking back prime government sites reserved for private developers to bid on and build public-sector housing on them.
Sources said the package would first be discussed in an Executive Council meeting between Lam and her top advisers on Thursday.
“[The package] symbolises Lam’s report card, and she wants to rush this out before July 1,” a source close to the situation said. Lam took office on July 1 last year.
The proposed review of the subsidised housing pricing mechanism is likely to disconnect the prices from market rates to prevent prices from inflating each year, according to the source.