If Singapore is now Hong Kong’s political role model, will it also inspire housing policy?
Albert Cheng says to solve Hong Kong’s housing crisis, instead of hedging its bets, the government should completely delink subsidised housing prices from the market
There is no such thing as a free lunch. Both the Singapore government and citizens pay a price. In exchange for the public’s support, the Lee family has ensured citizens enjoy a good standard of living and fair policies on housing, education, health care and retirement protection. Meanwhile, Singaporeans have their vote, which can restrain the government.
The Hong Kong government has been incompetent in easing the city’s housing crisis. It is reluctant to adopt the Singaporean model, which strictly segregates public and private housing, securing a roof over the head of at least 80 per cent of the population.
Given that housing prices have increased 12 per cent since Lam took office, the government should completely delink subsidised housing from market prices and set the rate according to construction and operating costs.
The asset and income limits should also be done away with. All permanent residents should be eligible to apply for such housing, with allocations decided by drawing lots. The one condition should be that owners are allowed to resell the property only to permanent residents or the Housing Authority.
During the transitional period, the government should also set up a rent-to-buy scheme to enable young people to eventually own a home without becoming slaves to mortgages. This would also address the twisted phenomenon of middle-class people refusing a pay rise to remain eligible for subsidised housing. The government can also develop a higher standard of public housing for people who are financially better-off.
Easing the housing shortage is a common goal of all parties in Hong Kong. The pan-democrats should ride on the latest housing measures and urge the government to completely segregate public from private housing.
However, If people’s well-being is constantly overlooked, they will quickly lose faith in, and abandon, this dominating and incapable government.
Albert Cheng King-hon is a political commentator. [email protected]