How Can We Get Out of the Housing Quandary?
How Can We Get Out of the Housing Quandary?
This chapter looks into why there is an enormous aspiration within the community for homeownership, and glances at the housing policies implemented by the government over the past few decades. It also examines why the majority of the younger generation has to rely on their parents’ financial support to purchase a flat. The government has to come up with a more wholesale change of policy with regard to homeownership, with a view to enlarging homeownership in the community so that even the have-nots can benefit. The author also suggests that the government should review its discounted premium collection policy on the Home Ownership Scheme (HOS) flats in a bid to achieve a triple-win situation. Ill-defined property rights may give rise to mammoth negotiation costs and complicate the redevelopment of HOS flats, and some recommendations which require merely easy-to-adjust changes are put forward.
Keywords: Home Ownership Scheme, Homeownership, Housing policies, Discounted premium, Younger generation, Ill-defined property rights, Policies, Hong Kong, China, Economy
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