.... and how it might be solved.
Is Singapore a communist country?
Singapore has home ownership rate of 90%.
so shouldn't we adopt their method of ensuring every citizen feels the own a slice of the nation bye owning their own home.
the country's Housing Development Board: The government finances the HDB's deficits and provides loans to the HDB so it can extend mortgage loans to homebuyers with an interest rate of 2.6 per cent.About 94 per cent of the HDB's housing has been sold to households on a 99-year leasehold basis.
The prices of HDB properties are generally four to five times the household income of buyers, and a first-time homebuyer household can enjoy, on average, a $300,000 discount from market prices when they buy a new flat from the HDB.Since the year 2000, increases in HDB resale prices and private house prices have not exceeded increases in median household incomes, thanks to deliberate efforts by the government.
The country also has a compulsory savings system, similar to Australia's compulsory superannuation, but it's used very differently.
It puts a small proportion of someone's compulsory savings aside for their retirement and health-related measures, and a much larger proportion is used for a housing down-payment and mortgage repayments.
Compulsory savings can't be used for rental payments, so home ownership is the default choice for most households.
The majority of households living in HDB housing end up servicing their mortgage payments entirely from their compulsory savings, with no cash outlay.
ABC LINO.
is this socialism? or simply excellent social common sense?
no wonder we could be doing better.
