House Ownership is a "Lifestyle Choice"

[Ahtong]

Personally I think this writer is a bit daft. Maybe he is very rich or still studying

 

Link

From

Tan Si An

- .

12 hours 12 min ago

 

 

Between the dichotomous desires of asset appreciation for existing homeowners and affordable housing for first-timers, the choice, announced at the National Day Rally, is to slice this Gordian knot by promising price stability for Build-To-Order flats via more subsidies.

 

The belief in home ownership as a fundamental principle for Singapore has remained unchanged.

 

Singapore, however, has changed much since the 1960s.

 

Citizens no longer live in slums and squatter settlements; home ownership rates now stand at 90 per cent instead of 9 per cent.

 

Nearly every family here now has a home. But with geographical limits on the numbers of new flats that can be built, and the budgetary constraints to the amount of subsidies that can be given, is it then realistic for every new nuclear family to expect a new flat?

 

This may encourage overconsumption of valuable resources and create a potential fiscal liability for future generations. Already, the Prime Minister hinted at a future tax hike in an increasingly tax competitive world.

 

In the book, Fault Lines: How Hidden Fractures Still Threaten The World Economy, Professor Raghuram Rajan argues that promoting home ownership among those who could not afford it led to systemic imbalances, a possible cause of the 2008 financial crisis. There may be lessons here.

 

Former Minister Mentor Lee Kuan Yew once said:

Edited August 22, 2013 by Ahtong

[Mustank]

maybe he already tiagong the gst going up, chua tio sai liao

[Lurpsexx]

From

Tan Si An

- .

12 hours 12 min ago

 

 

Between the dichotomous desires of asset appreciation for existing homeowners and affordable housing for first-timers, the choice, announced at the National Day Rally, is to slice this Gordian knot by promising price stability for Build-To-Order flats via more subsidies.

 

The belief in home ownership as a fundamental principle for Singapore has remained unchanged.

 

Singapore, however, has changed much since the 1960s.

 

Citizens no longer live in slums and squatter settlements; home ownership rates now stand at 90 per cent instead of 9 per cent.

 

Nearly every family here now has a home. But with geographical limits on the numbers of new flats that can be built, and the budgetary constraints to the amount of subsidies that can be given, is it then realistic for every new nuclear family to expect a new flat?

 

This may encourage overconsumption of valuable resources and create a potential fiscal liability for future generations. Already, the Prime Minister hinted at a future tax hike in an increasingly tax competitive world.

 

In the book, Fault Lines: How Hidden Fractures Still Threaten The World Economy, Professor Raghuram Rajan argues that promoting home ownership among those who could not afford it led to systemic imbalances, a possible cause of the 2008 financial crisis. There may be lessons here.

 

Former Minister Mentor Lee Kuan Yew once said:

[Lala81]

who doesn't want a home they call their own (albeit LH99)?

 

[Kyrios]

Maybe he wants to be politician..PAP needs elitists like him..

 

what the fish is he talking about..subsidising flats is not a crime..subsidising ECs is!

 

Shelter is a maslow hierarchy of need!

[Sp4wn]

i think he got to go back and study Maslow's hierarchy of needs

[Wt_know]

mata no longer wear short pants too ...

 

always like to refer to last time ... last time kopi at kopitiam $0.20 only ! now $1.20 liao ... how?

 

Citizens no longer live in slums and squatter settlements; home ownership rates now stand at 90 per cent instead of 9 per cent.

Edited August 22, 2013 by Wt_know

[Mockngbrd]

who da fook writes "dichotomous desires"

 

eat shiat la

[Tonyhawk2]

technically its not wrong

 

why do we have this home ownership mentality? Is it important to "own" your home?

 

I would be happy to rent a GCB for 2$ a day, for the rest of my life.

 

But the broader issue here is, in the face of runaway prices, people have nowhere to stay. So, we do what we can to help our lower income brethrens. Its welfare, singapore-style. IMO, The lower income dont really care about owning a home, they need a place to stay, at a price they can afford. And if it comes in the form of ownership of a 2rm 99 year LH, so be it. Lets face it, can you pay rent using your CPF?

 

Tan Si An feels that we shouldnt help the lower income find a place to stay, and thats what irks me.

Edited August 22, 2013 by Tonyhawk2

[Freestylers09]

try hongkong

 

see ours better or theirs

 

my friend coming back despite her hubby is local there but housing wise and some policies,cmi

Edited August 22, 2013 by Freestylers09

[Evillusion]

Wah...3rd last paragraph he is saying the children can stay with parent. If single ok lar but if married no way! Most prob this Tan Si An stays with parents and trying to justify it...siao! Just a speculation though!

[Jman888]

Tan Si An feels that we shouldnt help the lower income find a place to stay, and thats what irks me.

 

 

that part show the true color

[Myxilplix]

I don't mind renting if rental rates are reasonable and 20% of my monthly salary isn't channelled to CPF.

 

Unfortunately neither of the above are applicable.

[Kiadaw]

House not= home. Just saying

 

Home can be apartment, semi detach house, detach house, carvan, or even a cave etc.

 

Most people in Singapore do not live in a house.

 

Anyway, back to topic, home ownership is one of the good thing about Singapore, price, not so much. The major things that need to change is make it more affordable for the mass.

[Sp4wn]

I would be happy to rent a GCB for 2$ a day, for the rest of my life.

 

for a sec.. i read as GCP ... i thought wa quite cheap.

[Latio2005A]

Personally I think this writer is a bit daft. Maybe he is very rich or still studying

 

Link

From

Tan Si An

- .

12 hours 12 min ago

 

 

Between the dichotomous desires of asset appreciation for existing homeowners and affordable housing for first-timers, the choice, announced at the National Day Rally, is to slice this Gordian knot by promising price stability for Build-To-Order flats via more subsidies.

 

The belief in home ownership as a fundamental principle for Singapore has remained unchanged.

 

Singapore, however, has changed much since the 1960s.

 

Whereas home ownership initially provided financial security and a sense of belonging, heavily subsidised flats now provide the means to property speculation after the minimum occupation period.

 

Unlike spending in healthcare, where patients might die, home ownership is not a necessity but a lifestyle choice. One could live with one

[Wt_know]

already made it affordable liao

but the "unspoken" thing is ... buy at age 30 and service loan until 55/60 with almost "nothing" in your cpf

 

unless the affordability barometer also use TDSR like can only use 60%-80% of OA contribution to service home loan ... see how many can afford today pricing

 

House not= home. Just saying

 

Home can be apartment, semi detach house, detach house, carvan, or even a cave etc.

 

Most people in Singapore do not live in a house.

 

Anyway, back to topic, home ownership is one of the good thing about Singapore, price, not so much. The major things that need to change is make it more affordable for the mass.

Edited August 22, 2013 by Wt_know

[Throttle2]

Nowadays majority of Singaporeans living beyond their means.

Last time minority of Singaporeans lived beyond their means.