Hong Kong housing promises of Tung Chee-wah fading fast under Carrie Lam
The first chief executive of Hong Kong, Tung Chee-wah, did the right thing with his housing policy in 1997, aiming for at least 85,000 flats a year in the public and private sectors, a home ownership rate of 70 per cent within 10 years, as well as a reduction in the average waiting time for public rental housing to three years.
However, amid the Asian financial crisis that hit within months and the collapse of the local property market, the plan was shelved.
All hopes pinned on the new chief executive, Carrie Lam Cheng Yeut-ngor are now fading, as actions speak louder than words (“Lam rules out idea of introducing rent controls, subsidies”, March 29). What good is a huge budget surplus if it is at the expense of the underprivileged only?
Peter Wei, Kwun Tong