How do we change the housing market?

An economist has called for centralised government-run housing schemes as one solution.

Anthony Cho, a developer based in Melaka, said affordable housing should be supplied and run entirely by the government. Asking developers to help build affordable houses would increase the costs which then get passed on to buyers.“The government should instead form housing boards at national and state levels to oversee the supply of such properties, and developers can contribute funds in lieu of building these homes,” he said, describing a system similar to that employed by Singapore.

With rent-to-own schemes, the minimum 10% down payment does not need to be paid, and those who may not qualify for financing from banks are given access to the market. “In this sense, I see the government eventually building shelters only for the very poor, let’s say the B10.”

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