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Hong Kong Land for Hong Kong People$
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Yue Chim Richard Wong

Print publication date: 2015

Print ISBN-13: 9789888208654

Published to Hong Kong Scholarship Online: September 2015

DOI: 10.5790/hongkong/9789888208654.001.0001

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The Inequity of Small Housing Units

The Inequity of Small Housing Units

(p.47) 7 The Inequity of Small Housing Units
Hong Kong Land for Hong Kong People

Yue Chim Richard Wong

Hong Kong University Press

How do we know the proportion of unsatisfied households is very large? The answer is in the inequity of the public housing program. The distribution of household income between public and private renters overlaps enormously. The housing demands of many public housing tenants cannot be substantially lower than those of private renters. Policymakers in Hong Kong simply fail to appreciate this absolutely important fact. Their ideas about public housing are based on gross misunderstanding. Since public housing tenants are not allowed to exercise choice over their housing units, the value they attach to their units must be lower than the true worth of their unit or its worth to another person. The only way you can get a well-off person to accept or tolerate a small unit is to offer a huge discount. The housing unit is only undervalued to the person who is occupying it. If a market exists and the occupant can rent out this unit to anyone on the market, its true value would be realized.

Keywords:   Hong Kong, Housing, Housing policy, Public Housing, Politics, Social mobility, Population, Economics, Growth

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