HDB releasing 7000 units of flats in next 3 months
What a big deal. Is it enough? The pent up demand and frustration of our young men and women waiting to buy a public housing flat is threatening to blow up. Many have been waiting for yers only to see their dream flat disappearing further and further into the distance. And they were told, patronisingly, that they should scale down their expectations and go for something they could afford. This means smaller and smaller flats, and further and further away from the city. What have caused these problems? High demand, including new citizens and PRs and a flawed policy of building flats when there is enough demand as if HDB is baking cakes, ready in 30 minutes. Hey dummy, 3 years to wait and many things can happen. One thing for sure, some would have found that during their search for a new flat, their income has gone pass the $8000 ceiling and they would be kicked out of the queue. Not eligible anymore. And if they have only worked for a few years, there will not be enough savings to plonk as deposit for even a small and cheap private condo. How is HDB going to appease this restless and angry group of young people whose incomes just exceeded the $8000 limit but without a fat savings account to pay for private flats? Would there be any changes in HDB’s ruling to accommodate this new sandwiched class of first time home buyers? Force them to buy from the resale market, and not eligible for subsidies, at market prices? Many young couples are getting a starting salary of more than $3k on graduation and will be hitting a combined income of $8k in two or three years. How realistic is the $8000 ceiling when applied to these young people? Or is HDB so rigid, a huge mammoth that cannot change or would not change simply because it is the authority, another weeny warlord, and when it says it is fair, it is fair, like market pricing? There is nothing wrong with comparing the prices of 20 years ago as long as the basis is reasonable and logical. Nobody is saying that when it was $7k for a 3rm flat, we should be selling it at that kind of prices. We should be comparing affordability by comparing income over price. And it is very wrong to use recent data to justify that the prices are affordable when the basis is wrong. Why is a 30% expenditure of income be reasonable and affordable over 30 years? Why not 30% over 10 years or 10% over 30 years? Who should be the best judge of what is affordable, the buyer or the seller?