SDP Housing Policy

[ICEMAN_ACE]

Such policy might sound good for non home owner but not so for home owner for housing is also an asset with investment value, I rather they made better hdb flat and give me a 999 year lease and by the way since I am only leasing from hdb, I should not be paying property tax which I am now.

 

[MianBaoFren]

one thing that worries me about this policy is whether would we see a surge in people changing the status of their flats to NOM. if that's the case how would HDB deal with returning the difference between open n NOM flats to the owners? and also since NOM flats cannot be sold in the open market n have to be sold back to HDB, wouldn't it create problems for the real estate industry?

 

[bakuten]

How in heavens this is considered a good scheme is beyond me. Anything outside of a free market system is bad. Consider the huge amount of risk to be undertaken by the HDB. And in the first place, why should other tax payers subsidise others?

There is no free market when land is owned by the govt.

the first step to a free-market is private ownership. Or else it is not free market.

 

[bakuten]

one thing that worries me about this policy is whether would we see a surge in people changing the status of their flats to NOM. if that's the case how would HDB deal with returning the difference between open n NOM flats to the owners? and also since NOM flats cannot be sold in the open market n have to be sold back to HDB, wouldn't it create problems for the real estate industry?

just tune the buy-back pricing accordingly with market prices lor.


anyway i still believe the main causes to our housing problems are:

1. Supply not keeping up with demand.

2. Currency/interest rates manipulation. Low interest rates lead to speculation = artificially raising demand = more expensive houses.

3. CPF being used for housing = artificially raising demand = more expensive houses.



with point 2 being the most important of the 3.

fix our currency first....and i believe at least half of all our problems would be fixed.

 

[MianBaoFren]

just tune the buy-back pricing accordingly with market prices lor.


anyway i still believe the main causes to our housing problems are:

1. Supply not keeping up with demand.

2. Currency/interest rates manipulation. Low interest rates lead to speculation = artificially raising demand = more expensive houses.

3. CPF being used for housing = artificially raising demand = more expensive houses.



with point 2 being the most important of the 3.

fix our currency first....and i believe at least half of all our problems would be fixed.

My concern is not with the prices but whether we have the liquidity to cope with everyone rushing to convert to NOMs. Just imagine if suddenly all chiong to convert. What will happen? The plan was to allow the unlocked sum to be placed in cpf or pay bank loans. Will there be enough money to do so?

Sent from sinkieland using GAGT

 

[Mancunian2]

\

Support ~

HDB shouldn't be profiteering off BTOs

you support raiding the reserves

 

[SnakeRabbit]

Pros and cons of this imo. Feel free to rebut.

Pros:
Help the lower income people due to cheaper options.
Filter flippers away.

Cons:
Very heavy responsibility on HDB due to everything goes thru HDB.

Potentially might cause price of HDB to go down, if everyone were to convert.
What happens if 50% of sinkies decides to convert to NOM? HDB really need to shoulder alot of responsibility. 940k hdb in SG. if 50% convert, thats = 470K?

I rather they build those NOM HDB in some ulu estate for the poor and needy, charge them cheap, so HDB can concentrade their man power in those area.

 

[Isayitstrue]

HDB has lost its core purpose the day a "great" man decide to make it a profit center. Everything starts with a good intention, and ended with greedy men destroying the whole system.

Sent from a very dark corner using GAGT

 

[MianBaoFren]

Admittedly this is true. It's very hard to reverse the damage done when we included the supposed land cost into hdb.

Sent from sinkieland using GAGT

 

[xcodes]

For as far back as I could remember, HDB was started off in this way without things like profitibility in its definition. Throughout the 70s (maybe 60s), Singaporean rented HDB flats from the HDB.

Then, slightly somewhat later in the beginning of the 80s (around 1983 ~ 1984) and throughout the 80s and the early 90s, HDB was the sole buyer and seller of HDB flats for dwellers for all I could recall. And there wasn't such thing as a property market for public housing. After those era, what happened next was history.

But if you were to ask me, which generation was happier, I would say, those in the 70s and 80s and perphaps those in the 90s were pretty happy with life as Singaporean. As soon as the ugly head of upward-surging of property prices happened, Singaporean life is greatly affected by it, either directly or indirectly, thus making us more and more of an unhappy nation. To make things worse, there is a relationship between the public housing market and the private housing market!

So here we are, looking back at the basic role of HDB. And I suggest, we should return to the correct initial way in managing our public housing - to serve the nation and her citizen well, minus off the profitability in its equation.

 

[parchiao]

There is no free market when land is owned by the govt.

the first step to a free-market is private ownership. Or else it is not free market.

This is correct, but that will never happen for political and economic economic reasons ie the government's cash cow. Something closer to the existing system is far better than asking the HDB to undertake the risk of buying unwanted flats. However you see it, everyone looses one way or another with the the suggestion from SDP.

 

[gravity_infinity]

My concern is not with the prices but whether we have the liquidity to cope with everyone rushing to convert to NOMs. Just imagine if suddenly all chiong to convert. What will happen? The plan was to allow the unlocked sum to be placed in cpf or pay bank loans. Will there be enough money to do so?

Sent from sinkieland using GAGT

real concern.

i suggest that we can do the nom conversion for people who reached 55 or 60 first...

or gradually allow nom conversion for low income workers.

 

[tfkmueh]

How in heavens this is considered a good scheme is beyond me. Anything outside of a free market system is bad. Consider the huge amount of risk to be undertaken by the HDB. And in the first place, why should other tax payers subsidise others?

How is it subsidised when you just took out land cost?

What i foresee is that it will be a stagnant market due to controlled pricing of flats and the tagged to cpf interest rate.

Yes, many pple working in HDB currently will be affected as the revenue that they having now will become non-existant due to low margin of cost to sales.

How is it a huge risk to hdb when they are a stat board & cashflow is in theory infinite? The only thing that can crash such model is bad management & sudden stoppage of cashflow.

 

[Cryptrus]

And ple say opp never give constructive ideas.....

its never constructive because everything they say PAP will find 101 fault or excuse to reject it upfront.....to show they opp has nothing good to offer

 

[Gribber]

its never constructive because everything they say PAP will find 101 fault or excuse to reject it upfront.....to show they opp has nothing good to offer

wrong. they will rebrand and serve it on a platter saying it is their idea.

 

[MianBaoFren]

real concern.

i suggest that we can do the nom conversion for people who reached 55 or 60 first...

or gradually allow nom conversion for low income workers.

staggered unlocking seems like a plausible solution to prevent the lack of liquidity in the event of a surge in conversion. but i think the housing policy needs more work. the idea is good as freeing up the money locked in house loan expenses will help with maintaining a decent sum in the cpf or for bank loans, helps to increase the spending for such people into the economy.

the bottom line is: how will hdb or the government respond to the sudden loss in income from this?

 

[tfkmueh]

staggered unlocking seems like a plausible solution to prevent the lack of liquidity in the event of a surge in conversion. but i think the housing policy needs more work. the idea is good as freeing up the money locked in house loan expenses will help with maintaining a decent sum in the cpf or for bank loans, helps to increase the spending for such people into the economy.

the bottom line is: how will hdb or the government respond to the sudden loss in income from this?

Frankly, if they need to make a major response to this loss of 'income'

Then it is quite obvious that HDB is in fact one of the CPF funds user, or at least one of the stats board that is used to generate profit for the CPF funds.

My pov is that they generated enough net profit to maintain the current HDB workforce, return the amount they used from CPF fund & even able to contribute to national reserve.

Thats y CPF are able to maintain @ 2.5% while the loan can be tagged @ 2.6%.

If they adopt NOM and there is changes to both HDB interest rate & CPF, u know that HDB is one of govt cash cow.

 

[MianBaoFren]

Frankly, if they need to make a major response to this loss of 'income'

Then it is quite obvious that HDB is in fact one of the CPF funds user, or at least one of the stats board that is used to generate profit for the CPF funds.

My pov is that they generated enough net profit to maintain the current HDB workforce, return the amount they used from CPF fund & even able to contribute to national reserve.

Thats y CPF are able to maintain @ 2.5% while the loan can be tagged @ 2.6%.

If they adopt NOM and there is changes to both HDB interest rate & CPF, u know that HDB is one of govt cash cow.

i won't be surprised if hdb is one of the cash cow.

 

[Gribber]

Pros and cons of this imo. Feel free to rebut.

Pros:
Help the lower income people due to cheaper options.
Filter flippers away.

Cons:
Very heavy responsibility on HDB due to everything goes thru HDB.

Potentially might cause price of HDB to go down, if everyone were to convert.
What happens if 50% of sinkies decides to convert to NOM? HDB really need to shoulder alot of responsibility. 940k hdb in SG. if 50% convert, thats = 470K?

I rather they build those NOM HDB in some ulu estate for the poor and needy, charge them cheap, so HDB can concentrade their man power in those area.

more jobs for singaporeans!

 

[gravity_infinity]

staggered unlocking seems like a plausible solution to prevent the lack of liquidity in the event of a surge in conversion. but i think the housing policy needs more work. the idea is good as freeing up the money locked in house loan expenses will help with maintaining a decent sum in the cpf or for bank loans, helps to increase the spending for such people into the economy.

the bottom line is: how will hdb or the government respond to the sudden loss in income from this?

this loss in revenues need to be made up from elsewhere.

to prevent speculate of properties..

foreign buyers should be slap with a tax for flipping..if sold within x number of years.