Housing policy at a crossroad?
Housing policy at a crossroad?
Re-examining the role of the Hong Kong government in the context of a volatile housing market
Using comparisons with the experience in Singapore, this chapter reflects on the philosophical foundations of Hong Kong's land-supply and housing policies, arguing for a justification of government intervention on the grounds both of efficiency, because of market failures, and of equity, because of the need to ensure access to housing and home finance, particularly for the lower-paid. In a review of recent volatility and policy errors, the chapter argues for policies that are less fixated on home ownership.
Keywords: Hong Kong, Singapore, Housing policy, Home ownership, Land supply, Market failure
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