Housing is still a big pain to many Singaporeans, and the
right to buy a public flat from the Govt is like striking lottery to some, or a
big savings to many. Every Singaporean given the opportunity will want to buy
directly from the Govt to save a few hundred thousand bucks of their hard
earned money. With a monopolistic public housing scheme, the Govt knows how
vital its role is and how they could make life easier or meaner to the
Singaporean home buyers. By tweaking the demand and supply, by formulating
rules and regulations, some will be cut out from the public housing schemes and
be left at the mercy of the free market and the private property developers.
Many groups of Singaporeans have been deprived from the public
housing scheme while the ‘Ginny come lately’ new citizens were graciously
allowed to buy public housing freely. One of the groups that have been deprived
from public housing is the young high income earners, ie those earning above
$12,000. To the Govt and to many Singaporeans, this group is very rich and must
not be allowed to buy public housing. So the Govt has in place an income
ceiling to keep these rich young people from public housing.
What the Govt has done is like what Robin Hood had done in
the past, robbing these rich young people to pay the poor. By not allowing them
to buy direct from the Govt, these young people have no choice but to buy from
the resale market or buy private properties. The effect is a transfer of their savings
to those who are selling their public housing in the resale market. The
difference in price can be a few hundred thousand dollars. Effectively the Govt
is forcing these young people to hand their money to the HDB owners who bought
their flats direct from HDB. This must be a well thought out scheme of the
Govt, to ensure a fairer distribution of wealth among the average Singaporeans.
The young and abler Singaporeans must share their wealth with the less able and
older Singaporeans. Who can fault such a benevolent design?
If these young people refuse to share their savings with the
HDB dwellers, they can share them with the private property developers and pay
even more. In the latter case it will not be robbing the rich to pay the poor.
It will be robbing the not so rich young people to pay the rich developers and
rich speculators.
Whatever way you look at it, it is a good thing. The young
people have the money and it is only right that they should share their hard
earned money with those who are less able. Not sure if one agrees that they
should share with the rich developers and speculators. The Govt is doing a
righteous thing, a moral thing, a good thing, like modern day Robin Hood. We
have a very caring Govt that cares for the poor.
The Govt should not remove the ceiling, for by doing so they
would not be able to rob the young rich to pay the poor old. The moral of the
story is that it is ok to rob the rich and pay the poor. But don’t touch the
super rich. Their wealth must be protected at all cost and to grow and grow. Make
the young rich buy properties from the super rich, who incidentally, many have
bought many properties and waiting for the young rich to hand over their hard
earned money for them. We have a good system in place. Don’t rock the boat. Be thankful and be grateful.
PS. I wrote this piece with my eyes wide shut.