Jamus Lim on public housing motions

Singapore needs to offer a wider range of housing options for its people who may be at different stages of their lives and careers, to allow them to sever what is clearly becoming an ever more untenable link between affordable housing and retirement adequacy, said MP Jamus Lim. Speaking in Parliament on Monday (Feb 6), he pointed out that house prices are too high and stressed the need for a "reboot". But the transition can be disruptive, affecting not just public housing but also the private property market. What is needed is a "gentle path" to the new normal, so that economic growth and incomes can eventually catch up and make high prices justifiable. He believes the vast majority of homeowners plan to stay put in their homes or pass it down to their children and will face paper losses which will likely be temporary. It will affect those who are currently over-invested in housing and wish to cash out for various reasons, he said. The Government may need to step in to buy up excess leases, perhaps up to 30 years, to provide a cushion, he added.