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Letters | Hong Kong needs more homes, not fatter investment portfolios
- Hong Kong has two types of property owners – those who want a home to live in, and those who want investment properties to top up their bank accounts
- That Hong Kong housing policy caters to property owners and developers rather than those in need is a disgrace and must be addressed swiftly
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Why is housing persistently seen as a problem for Hong Kong?
There are two types of property owners in Hong Kong. First, there are investors seeking to make as much money as possible and only concerned about their bank accounts. Second, there are those who want a home to live in.
The government has catered to the first category of property owners, in conjunction with property developers. There really does not seem to be much care given to the real intent of residential property ownership – a home to live in.
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The Post has reported that there are more than 50,000 empty residential properties in Hong Kong, where developers’ and investors’ financial interests come ahead of the need for housing.
The housing situation is a disgrace and demonstrates years of failed government policy as relates to addressing the basic human right to affordable shelter. Rather, the administration has shown complacency towards the crowded and cramped living conditions of so many people.
It ignores the fact that an estimated 70 per cent of single people aged 18-35 still live with their parents. It shows a failure to lead and implement immediate solutions to create an affordable market in which most people can participate.
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