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Chitchat Why Jamus Lim join Workers' Party ?
- Thread starter batman1
- Start date
Jamus encourages donations. 
Many of us would, by now, have heard about the devastation wrought by the Kahramanmaras earthquake. Although the epicenter was in Turkey, the damage affected many nearby countries as well, not least northern Syria. Syria has had a hard run; wracked by more than a decade of civil war, the restive north now has to also contend with rebuilding after the disaster. It also has a special place in my heart, being the first country I worked on at the World Bank, and one where I had many extended work trips to (and many, many fond memories).
Singaporeans have reached into their hearts to extend help, especially in kind; we had reached out to the Turkish embassy but were told that they’re putting a hold on in-kind donations for now, while they sort out the logistics of getting usable items to affected sites. Still, if you’d like to help, there are ways to do so. My wife’s best friend works for the International Rescue Committee, which is a credible outfit that has been in the business of disaster relief for a long time, and which has experience working in Syria, even prior to recent events. Another is the Syria Civil Defence - The White Helmets. If you’re more comfortable with a locally-linked donation, you may also do so via giving.sg.
Rising costs of living and weak economic conditions can sometimes blind us to the even harsher difficulties the rest of humanity faces elsewhere. We can do our little part to help, however modest. Links to donate are here:
https://help.rescue.org/donate/syria-crisis-v2
https://www.whitehelmets.org/en/
https://www.giving.sg/singapore.../turkey_syria_earthquake
(Photo credit: CNN)
Jamus Lim
10 h ·Many of us would, by now, have heard about the devastation wrought by the Kahramanmaras earthquake. Although the epicenter was in Turkey, the damage affected many nearby countries as well, not least northern Syria. Syria has had a hard run; wracked by more than a decade of civil war, the restive north now has to also contend with rebuilding after the disaster. It also has a special place in my heart, being the first country I worked on at the World Bank, and one where I had many extended work trips to (and many, many fond memories).
Singaporeans have reached into their hearts to extend help, especially in kind; we had reached out to the Turkish embassy but were told that they’re putting a hold on in-kind donations for now, while they sort out the logistics of getting usable items to affected sites. Still, if you’d like to help, there are ways to do so. My wife’s best friend works for the International Rescue Committee, which is a credible outfit that has been in the business of disaster relief for a long time, and which has experience working in Syria, even prior to recent events. Another is the Syria Civil Defence - The White Helmets. If you’re more comfortable with a locally-linked donation, you may also do so via giving.sg.
Rising costs of living and weak economic conditions can sometimes blind us to the even harsher difficulties the rest of humanity faces elsewhere. We can do our little part to help, however modest. Links to donate are here:
https://help.rescue.org/donate/syria-crisis-v2
https://www.whitehelmets.org/en/
https://www.giving.sg/singapore.../turkey_syria_earthquake
(Photo credit: CNN)
Jamus continues house visits.
This past week, #TeamSengkang was able to finish visiting almost all of 324D #Anchorvale (residents at the final three floors, we’ll get to you next week, we promise!).
As always, we chatted about a number of issues, both at the local and national level. One resident shared about the challenges of being a single-led household in Singapore. Going through life’s travails and tribulations is certainly challenging without a partner; alas, some of this is exacerbated by policies that are designed to encourage family formation, but inadvertently end up making it tougher for those who have not found the right mate in life.
The #workersparty has spoken up on a number of occasions about making things easier for this group. One area—which intersects with the recent motion on access in housing—was about lowering the age for singles application from 35 to 28. We’ve also called for an equalization of housing options for single parents, and state benefits available to such families, more generally. We will continue to explore ways where we can represent the needs of singles within our society, without inadvertently creating disincentives for family formation. #SengkangGRC
Jamus Lim
1 d ·This past week, #TeamSengkang was able to finish visiting almost all of 324D #Anchorvale (residents at the final three floors, we’ll get to you next week, we promise!).
As always, we chatted about a number of issues, both at the local and national level. One resident shared about the challenges of being a single-led household in Singapore. Going through life’s travails and tribulations is certainly challenging without a partner; alas, some of this is exacerbated by policies that are designed to encourage family formation, but inadvertently end up making it tougher for those who have not found the right mate in life.
The #workersparty has spoken up on a number of occasions about making things easier for this group. One area—which intersects with the recent motion on access in housing—was about lowering the age for singles application from 35 to 28. We’ve also called for an equalization of housing options for single parents, and state benefits available to such families, more generally. We will continue to explore ways where we can represent the needs of singles within our society, without inadvertently creating disincentives for family formation. #SengkangGRC
Team Sengkang celebrate Valentine's Day! 
Happy Valentine’s from us to you!
(AKA #TeamSengkang realising we managed to colour code our outfits today for the #SGBudget2023 in Parliament)
Jamus Lim
48 m ·
He Ting Ru 何廷儒
1 h ·Happy Valentine’s from us to you!
(AKA #TeamSengkang realising we managed to colour code our outfits today for the #SGBudget2023 in Parliament)
Jamus discusses the Keppel Brazil fiasco. 
As many folks know, the #workersparty sought to clarify a host of questions about the government’s decision not to prosecute suspects in the Keppel Brazil fiasco. One can take issue with how it was handled (and whether it was fair), but I was also interested in how we would apply the lessons learned in our treatment of government-linked companies (GLCs). This is a long-standing concern of the opposition, and extends to our routine questioning of sovereign wealth funds (GIC and Temasek). The thrust of the government’s response was that corporate governance in these firms need to be strengthened.
As a business school professor that also studies institutional governance, I understand the importance of corporate governance in ensuring that shareholders’ interests are adequately represented. I also recognize that, absent other mechanisms, internal checks are better than nothing.
But I also know that research suggests that state-level governance often trumps corporate governance, and that the two are more complementary, rather than substitutes. Put it this way: when you are trying to get a your kid to do something, as much as you want him or her to learn from her peers and take care of things themselves, you also want to make sure that you’re exerting appropriate pressure from the top. (Incidentally, that’s why large organizations also go through internal and external audits).
You can watch the brief exchange here. I’ll let folks come to their own conclusions over what they think about the response, but let’s just say that if it were me, I would lean harder on state-level governance of our GLCs, rather than leaving it mostly to them to run the show. #makingyourvotecount
Jamus Lim
8 h ·As many folks know, the #workersparty sought to clarify a host of questions about the government’s decision not to prosecute suspects in the Keppel Brazil fiasco. One can take issue with how it was handled (and whether it was fair), but I was also interested in how we would apply the lessons learned in our treatment of government-linked companies (GLCs). This is a long-standing concern of the opposition, and extends to our routine questioning of sovereign wealth funds (GIC and Temasek). The thrust of the government’s response was that corporate governance in these firms need to be strengthened.
As a business school professor that also studies institutional governance, I understand the importance of corporate governance in ensuring that shareholders’ interests are adequately represented. I also recognize that, absent other mechanisms, internal checks are better than nothing.
But I also know that research suggests that state-level governance often trumps corporate governance, and that the two are more complementary, rather than substitutes. Put it this way: when you are trying to get a your kid to do something, as much as you want him or her to learn from her peers and take care of things themselves, you also want to make sure that you’re exerting appropriate pressure from the top. (Incidentally, that’s why large organizations also go through internal and external audits).
You can watch the brief exchange here. I’ll let folks come to their own conclusions over what they think about the response, but let’s just say that if it were me, I would lean harder on state-level governance of our GLCs, rather than leaving it mostly to them to run the show. #makingyourvotecount
Jamus continues house visits. 
Last night, #TeamSengkang was able to wrap up 324D #Anchorvale, after which we made our way to 333D and made it through half that block.
More than a few of the families we met were in the midst of their bedtime routines (we understand that balancing act between getting home after work and getting the kids to bed—and all the other steps in between—which is why we make sure that our visits cut off at 9:30 at night, tops). In my conversations with parents, I was again reminded that—in spite of a reasonable number of childcare centers in the estate—a number of new parents do face challenges getting their kids into schools, and newer estates often still have a relatively lower density of such facilities, resulting in long waitlists.
I was also reminded of our own daughter, who has been nursing a fever on-and-off over the past week. That’s chatter that a bug has been going around (it doesn’t help that daddy meets a bunch of people and could inadvertently bring stuff home). Thankfully, my better half has been diligent in giving her Kids’ Panadol and giving her midnight cooling baths, so it’s been under control, even if unpleasant. To all parents out there: hang in there, through the sickly days and rough nights; it’ll get better soon. #SengkangGRC
Jamus Lim
12 h ·Last night, #TeamSengkang was able to wrap up 324D #Anchorvale, after which we made our way to 333D and made it through half that block.
More than a few of the families we met were in the midst of their bedtime routines (we understand that balancing act between getting home after work and getting the kids to bed—and all the other steps in between—which is why we make sure that our visits cut off at 9:30 at night, tops). In my conversations with parents, I was again reminded that—in spite of a reasonable number of childcare centers in the estate—a number of new parents do face challenges getting their kids into schools, and newer estates often still have a relatively lower density of such facilities, resulting in long waitlists.
I was also reminded of our own daughter, who has been nursing a fever on-and-off over the past week. That’s chatter that a bug has been going around (it doesn’t help that daddy meets a bunch of people and could inadvertently bring stuff home). Thankfully, my better half has been diligent in giving her Kids’ Panadol and giving her midnight cooling baths, so it’s been under control, even if unpleasant. To all parents out there: hang in there, through the sickly days and rough nights; it’ll get better soon. #SengkangGRC
Jamus discusses HDB housing.
Earlier this month, Parliament debated a motion on whether HDB housing was affordable and accessible. The #workersparty ended up voting against affirming that this was the case, proposing instead that the government intensify its efforts to meet these goals. This isn’t to say that we don’t recognize the remarkable public housing success that HDB has accomplished since independence, nor that four-fifths of the population continue to choose to reside in HDB. But it’s misleading to say that just because we keep buying HDB flats, it implies that it must be affordable. After all, what other options are there? If we price water at $10 a bottle, thirsty concertgoers will still buy, but it doesn’t mean that they’re happy.
The issue of expensive flats—besides affecting our wallets—is that it also messes with our retirement. This stems from the fact that most Singaporeans use their CPF to pay for their HDB mortgages. In principle, this isn’t a bad thing; it allows us to deploy some of our forced saving into another asset, which could offer higher returns. It also allows us to keep more of our take-home pay, cos living in Singapore ain’t cheap. The problem is that it now conflates two differing objectives: high prices mean higher returns for retirement (good), but it also means that it’s harder for couples starting out to get a roof over their heads without breaking the bank (bad).
In theory, this shouldn’t be happening. Assets that expire worthless after 99 years must gradually decrease in value, year after year (it doesn’t follow a straight line, due to the mathematics of interest rates). This relationship known colloquially as “Bala’s Curve.” So why do HDB prices even go up? One reason is simply that they are underpriced relative to the market (due to taxpayer-funded grants). Another is that they will rise if we allow for inflation in rents over time. And what have inflation and rental rates have been recently? No prizes for guessing what increases of more than 20 percent last year—and an anticipated 10-15 percent this year—might do to resale prices (and, by extension, BTO valuations, which take reference from resale) (As an aside, notice that this very simple tweak in our assumptions also generates the sharp drop in valuations from around year 60 or so of the lease, something that real estate agents will also confirm).
The way the government has tried to square this circle is to offer more grants for first- and second-time buyers, to help them get on the housing ladder (once you’re on, even if prices are high, you can sell high and buy high, so it’s more palatable). So we have a game of musical chairs. If you can see your flat before the inevitable collapse in house prices, good for you, you’ll retire comfortably. But the one carrying the bag could be family that just needed the extra space and so they upgraded.
Incidentally, the current approach also does a number of government finances. Over time, inflated house prices mean higher grants to make up the difference. Where does this money come from? In part, from interest from our reserves. So on one hand, we’re propping up high land valuations—arguing that any other approach amounts to a raid in the reserves—but on the other, we’re tapping more on revenues, to fund the larger grants. It’s robbing Ah Seng to pay Ah Huat.
There is another way. The #workersparty believes that housing should be a rational multiple of the annual income of new homeowners, closer to 3 times (it’s currently more like 4 for BTOs, and 5 for resale). More than that, things get quickly unaffordable. So what to do? Well, the key component driving escalating HDB prices is land. This has value, and should be valued. But when we allow markets to fully determine what land is worth, it omits intangibles, like the value of making sure every Singaporean has a roof over the head. It also omits the value of leisure time we get to spend with our kids, because we’re all pulling OT in order to afford our downpayments. And of course, asset markets are prone to bubbles, which more than a few believe is the case for real estate here.
If the government sets the parameters for the Chief Valuer to price public housing as a fair multiple of incomes, we can then net out construction costs, builder profit, etc to derive a lower land valuation. Less will go into reserves, but we’ll also need to take less out.
What about what this means for those who bought HDB under the current terms? Well, asset prices go up and down. Some folks may go underwater—their stake in the place ends up being worth less than what they owe—but as long as they stay put, this is inconsequential. For others, who wish to sell for various reasons, they’ll have to stomach a loss. But recall, they’ll also be in a cheaper market when they buy their next place. And the government can step in buy out leases, so long as most of the loan has been repaid.
That’s the essence of our universal lease buyback scheme, which will guarantee those who need to cash out at least a reasonable price. Sure, they’ll give up a windfall, but at least they’ll not be completely left out to dry. To avoid overbuilding in the short run while we’re waiting for more supply to enter the market via lease buybacks, we can operate an expanded public rental scheme, with larger format apartments that can be rented for a maximum of 10 years.
These transition measures will help reset house prices, to make their levels more sustainable. This is much better than waiting for the market to self-correct, which may happen via a financial crisis (think Japan in 1992, or the U.S. in 2007). In the longer run, so long as incomes keep rising, the correction will eventually get washed out. Just as important, the alternative will also avoid a new bubble, that will eventually need to be corrected down the road. #makingyourvotecount
Jamus Lim
2 h ·Earlier this month, Parliament debated a motion on whether HDB housing was affordable and accessible. The #workersparty ended up voting against affirming that this was the case, proposing instead that the government intensify its efforts to meet these goals. This isn’t to say that we don’t recognize the remarkable public housing success that HDB has accomplished since independence, nor that four-fifths of the population continue to choose to reside in HDB. But it’s misleading to say that just because we keep buying HDB flats, it implies that it must be affordable. After all, what other options are there? If we price water at $10 a bottle, thirsty concertgoers will still buy, but it doesn’t mean that they’re happy.
The issue of expensive flats—besides affecting our wallets—is that it also messes with our retirement. This stems from the fact that most Singaporeans use their CPF to pay for their HDB mortgages. In principle, this isn’t a bad thing; it allows us to deploy some of our forced saving into another asset, which could offer higher returns. It also allows us to keep more of our take-home pay, cos living in Singapore ain’t cheap. The problem is that it now conflates two differing objectives: high prices mean higher returns for retirement (good), but it also means that it’s harder for couples starting out to get a roof over their heads without breaking the bank (bad).
In theory, this shouldn’t be happening. Assets that expire worthless after 99 years must gradually decrease in value, year after year (it doesn’t follow a straight line, due to the mathematics of interest rates). This relationship known colloquially as “Bala’s Curve.” So why do HDB prices even go up? One reason is simply that they are underpriced relative to the market (due to taxpayer-funded grants). Another is that they will rise if we allow for inflation in rents over time. And what have inflation and rental rates have been recently? No prizes for guessing what increases of more than 20 percent last year—and an anticipated 10-15 percent this year—might do to resale prices (and, by extension, BTO valuations, which take reference from resale) (As an aside, notice that this very simple tweak in our assumptions also generates the sharp drop in valuations from around year 60 or so of the lease, something that real estate agents will also confirm).
The way the government has tried to square this circle is to offer more grants for first- and second-time buyers, to help them get on the housing ladder (once you’re on, even if prices are high, you can sell high and buy high, so it’s more palatable). So we have a game of musical chairs. If you can see your flat before the inevitable collapse in house prices, good for you, you’ll retire comfortably. But the one carrying the bag could be family that just needed the extra space and so they upgraded.
Incidentally, the current approach also does a number of government finances. Over time, inflated house prices mean higher grants to make up the difference. Where does this money come from? In part, from interest from our reserves. So on one hand, we’re propping up high land valuations—arguing that any other approach amounts to a raid in the reserves—but on the other, we’re tapping more on revenues, to fund the larger grants. It’s robbing Ah Seng to pay Ah Huat.
There is another way. The #workersparty believes that housing should be a rational multiple of the annual income of new homeowners, closer to 3 times (it’s currently more like 4 for BTOs, and 5 for resale). More than that, things get quickly unaffordable. So what to do? Well, the key component driving escalating HDB prices is land. This has value, and should be valued. But when we allow markets to fully determine what land is worth, it omits intangibles, like the value of making sure every Singaporean has a roof over the head. It also omits the value of leisure time we get to spend with our kids, because we’re all pulling OT in order to afford our downpayments. And of course, asset markets are prone to bubbles, which more than a few believe is the case for real estate here.
If the government sets the parameters for the Chief Valuer to price public housing as a fair multiple of incomes, we can then net out construction costs, builder profit, etc to derive a lower land valuation. Less will go into reserves, but we’ll also need to take less out.
What about what this means for those who bought HDB under the current terms? Well, asset prices go up and down. Some folks may go underwater—their stake in the place ends up being worth less than what they owe—but as long as they stay put, this is inconsequential. For others, who wish to sell for various reasons, they’ll have to stomach a loss. But recall, they’ll also be in a cheaper market when they buy their next place. And the government can step in buy out leases, so long as most of the loan has been repaid.
That’s the essence of our universal lease buyback scheme, which will guarantee those who need to cash out at least a reasonable price. Sure, they’ll give up a windfall, but at least they’ll not be completely left out to dry. To avoid overbuilding in the short run while we’re waiting for more supply to enter the market via lease buybacks, we can operate an expanded public rental scheme, with larger format apartments that can be rented for a maximum of 10 years.
These transition measures will help reset house prices, to make their levels more sustainable. This is much better than waiting for the market to self-correct, which may happen via a financial crisis (think Japan in 1992, or the U.S. in 2007). In the longer run, so long as incomes keep rising, the correction will eventually get washed out. Just as important, the alternative will also avoid a new bubble, that will eventually need to be corrected down the road. #makingyourvotecount
