Stop blaming ‘greedy’ Hong Kong developers: it’s micro flats or nothing for us
I am writing in response to the recent column by Alex Lo, “‘Nano flats’ a ruse to enrich developers” (April 25), where he says: “contrary to claims that developers are making flats affordable to young people and couples, they are actually squeezing every square foot to make an extra buck”.
Stop blaming the developers, I say. They are just doing what they’re supposed to do – providing supply to meet market demand. They see there is a need for the smaller units and they provide it. What’s wrong with satisfying customer needs?
Please give the 90s generation a chance. While many of the flats in the urban area are above HK$4 million, developers are providing flats that cost less, so younger buyers can get a 90 per cent loan from the bank to buy their first home. Without this, they would just be stuck in the rat race, watching the prices go up and never being able to afford a down payment.
Less restriction, not more. The government’s “spicy” measures have cut the supply of second-hand units. Officials should find the right time to roll back the measures in order to cool the market, instead of imposing more regulation.
Developers have done nothing wrong. It’s just the market.
Nicholas To, Tai Po