Hong Kong’s Broken Homes Policy Fails the Young
It's long past time for the government to tackle a housing crisis that's a source of social division and discontent.
Not shopping for apartments.
Photographer: Anthony Kwan/Getty Images
Hong Kong’s summer of protest has proved the truth of former Financial Secretary Antony Leung’s warning that when young people see no hope of moving forward with their lives, they take to the streets. The city’s housing crisis has kept the younger generation from putting down roots and becoming financially stable. In her next policy address, Chief Executive Carrie Lam should identify realistic and timely solutions to increase the supply of homes.
Hong Kong has ranked as the world’s least affordable city to buy a home for nine years running, according to an annual survey by consulting firm Demographia. A 2013 survey cited by the South China Morning Post showed middle-class workers aged 30 to 40 were devoting 44% of their monthly expenditure to rent or mortgage payments. Since then, property prices have risen by more than half. For those in lower income brackets, home ownership must seem like an impossible dream.