The reason this came about was because people wanted to be able to sell their flats on the open market. They can't have it both ways. If they want subsidised, then they should be made to return their flats to the government when they no longer need them.
But of course Singaporeans have that cheap and fresh mentality.
I think HDB has to be run as a monopoly, but as a public monopoly. HDB is currently ran as a quasi-corporation with a monopoly share, and that means they start earning more money, by charging freehold prices for flats on 99 year lease.
But in return for HDB returning back to its roots as a public monopoly, the HDB must be reformed inside out, completely de-politicised(if there's any retired military officers employed there for a quick buck and a future political run, they should be sacked), and come under an independent board who will evaluate their performance, and their ethnicity level annually.
This is to ensure fairness, openess and transparency, and to reduce the amount of speculation in the public housing markets. There will be a less chance of a speculative bubble; people will pay reasonable prices; and they don't have to get into massive debt for over-leveraging their flats for a car, for example.
The only catch for Singaporeans is that with lower prices, they will have less financial collateral in which they can borrow more loans. But let's face it: its time Singaporeans save a bit money for a rainy day because they would have less debts to pay.
After all, HDB was created to provide public housing for people in the first place. It was not to fleece everyone of their hard-earned dollars. Its only right to return it back to its old ways. I'm not afraid to say that, in the context of this issue, I am proud to say I'm a traditionalist in this matter.
