Be prudent and spend within your means
Khaw Boon Wan has again repeated the call to the people to spend within their means when buying a home, He even pointed out to the 50 year housing loan offered by the banks as a gimmick and discouraged people from taking it up. He also reiterated that he would continue to build more flats to cater for those who have been badly affected by the cock policies of his predecessor. Many have been caught without a flat caused by the curtailing of the building programmes and ended seeing their salaries exceeding the HDB ceilings and thus no longer qualify for public housing. This is the group that are being forced into the private market with income that appeared to be high but would be precariously stuck with a huge housing loans should they buy private. Was his predecessor concerned about being prudent and not spending beyond their means?
Now, would Boon Wan go all the way to undo the damages and harm that his predecessor had caused to the young home buyers and undo the wrongdoings by allowing those affected a chance to buy public housing? Forcing young people to buy their first home from the private sector is simply wicked and definitely contrary to what Boon Wan said about being prudent and spending within their means, not over extending themselves on a big mortgage to service for 30 long years.
Let’s see if Boon Wan would walk the talk and do the necessary to help the young people buy their first home after falling victims to his predecessor’s bad policies. Or would it be another case of ‘It happened, what to do?’