public policy debate_housing_beanie_ida
TRANSCRIPT
Insufficient supply from private market Major developers focus on luxurious housing
projects Private housing exceeds the affordability of
most citizens
24 land sales on 2011 16 were for residential use Price per square feet ranged from $4,000 to
over $10,000
According to the Quarterly Report on General Household Survey conducted by Census, the median monthly household income was $19,600 for a household size of 3 persons
Source from: http://www.statistics.gov.hk/publication/stat_report/labour/B10500012011QQ02B0100.pdf
Example◦ Family of 3 persons, monthly income = $20,000◦ To purchase a flat cost at 2.5m◦ Deposit = 2,500,000 x 30% = $750,000◦ Remaining 70% by mortgage◦ Interest rata of 3% for 20 years◦ Monthly installment = $9,700
To relax the limit of the household income - income of average household size in 3
persons was $19,600 - income limits for a 3 person’s family was
$16,063 effective on 1st April 2011 - increase the limit to around $20,000
To adjust the quota allocation ratio between the Green Form and White Form applicants
- the latest current ratio of the green form and white form is 60:40
- Increase the proportion of White Form applicants for more than 50%
Speed up the process of the Home Ownership Scheme
- plan to release the housing on around 2016-17
- 1st year -> 2500 flats and target 5000 flats/year
- 50000 number of marriage/year - investigating more sites - make it more tightly
Repealing the My Home Purchase Plan - provide around 15,000 number of flat on
2016 - ridiculous assumption