Since 2010, Hong Kong has been ranked as the world's most unaffordable housing market for 14 consecutive years of the housing crisis by breaking down population, house price and housing construction data. The research documented that large public housing estates shielded a large number of local households from the sharp rise in private housing costs. However, as private housing costs rose and public housing mismatch problems became more frequent, the population of private tenants increased significantly. Prices and rents of smaller private flats have increased disproportionately, causing prices of such flats to soar, with young tenants bearing a disproportionate burden and gradually lacking the ability to move up the Hong Kong housing ladder.
The continued lack of affordable housing is hindering Hong lebanon telegram data Kong from attracting foreign talent and investment, which is extremely detrimental to the local economy. To secure Hong Kong's economic future, the government must deepen housing and development reforms. Hong Kong should reposition its housing policy towards progressive urban development, while shifting its focus from building low-quality rental public housing to building high-quality home ownership. In addition, the authorities should reform the existing public housing system, including linking public housing rents to residents' income and relaxing restrictions on the rental and resale of public housing by the Housing Authority.
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