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Public housing (HDB)
The Government has consistently refused to provide the break-down of the costs of building public housing (HDB flats), despite questions being posed in Parliament and newspaper forums almost every year.
By pricing new HDB flats under a “Market Subsidy Pricing” policy, which pegs prices of new flats to a purported discount to resale market prices, the affordability of public housing has increasingly become an issue.
Singapore has arguably one of the highest public housing loan delinquency rates in the world, with about 7 per cent of public housing loans being in delinquency of over three months (based on last available public information), as well as one of the highest public housing prices in terms of the ratio of prices to median wages.
The lack of transparency over the pricing of public housing and the amount of profit made by the Government has undermined Singaporeans’ access to affordable public housing. It is also a failure with regards to the accountability and transparency of the national housing policy.
The access to affordable public housing is regarded as a component of people’s economic and social rights by the United Nations, as provided under Article 11 of the ICESCR.
- http://theonlinecitizen.com/2012/11/why-so-afraid-of-human-rights-part-1/
The Government has consistently refused to provide the break-down of the costs of building public housing (HDB flats), despite questions being posed in Parliament and newspaper forums almost every year.
By pricing new HDB flats under a “Market Subsidy Pricing” policy, which pegs prices of new flats to a purported discount to resale market prices, the affordability of public housing has increasingly become an issue.
Singapore has arguably one of the highest public housing loan delinquency rates in the world, with about 7 per cent of public housing loans being in delinquency of over three months (based on last available public information), as well as one of the highest public housing prices in terms of the ratio of prices to median wages.
The lack of transparency over the pricing of public housing and the amount of profit made by the Government has undermined Singaporeans’ access to affordable public housing. It is also a failure with regards to the accountability and transparency of the national housing policy.
The access to affordable public housing is regarded as a component of people’s economic and social rights by the United Nations, as provided under Article 11 of the ICESCR.
- http://theonlinecitizen.com/2012/11/why-so-afraid-of-human-rights-part-1/
