Dear Editor,
I refer to the following article: ‘So many S’poreans now co-living in HDB with 5 to 6 people in 1 unit!’ — Netizens react to high property prices
Rental costs are higher than that of mortgage, by far, so it’s not that the young can’t afford to buy. The young can’t even buy because of the age restrictions requiring them to be 35 to purchase a resale.
Also, HDB lacked foresight in foreseeing this eventuality of property inflation of public housing by the open market.
What they should have done was to make public housing only resaleable back to HDB at no profit. Public housing should be provided subsidised for people out of their need for housing, not their need for 100-500k profits which is now an expectation by people who BTO. The greedy older generation is making the younger generations suffer with higher and higher prices.
Had public housing only been able to be sold back to HDB on HDB’s valuation, the market would have been protected from outside forces buying up property as a means of stable investment in Singapore.
Sincerely,
Gabriel