From oversupply to undersupply to…

With all the best talents, with all the planning, pre emptive policies and targeted response, the housing market has been swinging like a pendulum, from over supply to under supply and to stop gap measures. Is this how the housing of the people should be managed? Over built and under built seem to be a norm because supply and demand are fickle and unpredictable. This all boils down to the meddling of a public housing policy to house the people to one that turns housing into a commodity for trading and speculation, responding to market forces with different objectives. When the supply of public housing is determined strictly be demand and trying to anticipate demand and not to provide a home for the people, this is what we get. Public housing is not only an economic consideration, it is a political issue and cannot be simply decided based on profitability and market forces. A 10,000 unit over supply is a problem that should not be from the start. Why, how could it happen? But having a situation that there is completely no available stock and to build only when there is a demand and be completed in 3 to 4 years down the road is equally disgusting as a public policy. Heard the latest stop gap measure that raises the income ceiling to $5000 for buying of 3 rm flats. The reason, to prevent these buyers from over stretching themselves and forced into buying more expensive flats that they could not service. What about those who happened to earn more than the commandment that $8000 ceiling is immovable and be forced into buying private properties and overstretching themselves? Is it alright to force those who earn a little more into the crazy private property market to be squeezed by the astronomical prices of private properties? Where is the responsibility to ensure that people should buy within their means and not endanger themselves by over committing? It is individual responsibility to manage their finances. But how can govt policy force people to over commit themselves with an immovable income ceiling that is already obsolete? Can we have another stop gap measure tomorrow to raise the ceiling for 4 rm flat and another one for 5 rm flat next year? Such piece meal changes are manifestation of not thinking through the whole problem and not looking at the big picture. Can someone remove the blinkers please.