Hong Kong’s housing conundrum has no overnight solution, as evidenced by the limited progress made by successive governments. Various initiatives have been put forward over the years, but supply remains woefully inadequate. Property prices are still out of the reach of many people. We trust Chief Executive Carrie Lam Cheng Yuet-ngor is feeling the heat as her five-year term ends in June. Speaking in a recent media interview, she said the government would study a new mortgage scheme that would slash down-payments by half, making subsidised flats more affordable. Those in the queue for public rental units will also be eligible to buy such flats via a new leapfrog arrangement under consideration. The mortgage proposal was inspired by a housing scheme introduced by New World Development last month, under which buyers only pay a 5 per cent down payment and take out a mortgage for 45 per cent of the unit’s value, instead of the usual 10 per cent down payment and 90 per cent mortgage ratio. Buyers then have 10 years from the date of transaction to either pay off the remaining 50 per cent, either in instalments or in one go, or take out another mortgage to cover it. The measure is to be welcomed in that it may reduce the debt burden of buyers and lower the threshold of home ownership, but it does not address the acute shortage of supply. Currently, subsidised flats are sold at a steep discount to eligible buyers. The difficulty facing buyers is a limited supply rather than affordability. Indeed, the proposed change means more people will be able to come forward, resulting in demand further outstripping supply. Inadequate housing supply is the reason for skyrocketing property prices. Successive administrations, to their credit, have been working hard to address the problem. The Lam government has recently assured that there is more than enough land to meet the demand over the next decade, but there will still be a shortage in the near term. This still falls short of people’s expectation that property prices may become more affordable as supply increases. With just a few months left of her current term, Lam must be well aware of the growing pressure on her to deliver better results.