5 ms·

Doesn't 2/3 of Singapore live in public housing? That's a pretty subsidized way of life.

by scurvy 10y ago

sho 10y ago
No, that is completely wrong, but admittedly it's a fairly uncommon situation so the confusion is understandable. Singapore is quite unique in that it's such a tiny city, the government has very tight control over land use, and as such has historically acted as a gigantic real estate developer. It has seen its mission as providing cost-effective and yes, sometimes subsidized, housing for its population, and the program to manage this is known as the HDB. Over 80% of the population live in HDB-provided apartment housing. However, the vast majority of those residents own their own apartments, having purchased them from the government (and yes, certain subsidies can apply - up to perhaps 30% the fair value of the property). It's public housing only insofar as it was developed by the government - certainly not free or nearly-free as the phrase might imply in other countries, so it's quite a misleading term to use.
- sheepmullet 10y ago
  Last time I looked you could get a bto for ~$400k compared to $1.7-$2million for a comparable condo in the same area.
  - sho 10y ago
    The condo in that case is going to be far superior in every imaginable way. A $400k BTO is going to be very basic. The rule of thumb is 20-30% discount on fair market value. Not 80%! Yes, it's a pretty sweet scheme if you're eligible, but it's not a total giveaway. If you really could buy a $400k HDB that was comparable to the $2m condo next door then the $2m condo would never even be built, as there would be no market for it.
    - sheepmullet 10y ago
      HDB vs resale HDB is 20-30%. HDB vs Condo is a lot more. There are serious restrictions on resale hdb flats which cause them to be priced a lot lower than condos. These restrictions are deliberate policy to ensure affordable housing and subsidise Citizens and PR. The major ones: - You have to be a citizen or PR of at least a few years. This cuts out 1.5 million people. - You have to meet racial and PR quotas. This limits demand. - You can't have other properties. This excludes people with overseas property and excludes wealthier Singaporeans from buying HDBs as investment property.
      - sho 10y ago
        Yes I know. You sound like you're agreeing with me. I was arguing against some long-ago comments that insinuated the subsidies were "massive", "incredible", etc, and that being born in singapore was some kind of golden ticket to a life of endless government gravy. This is not at all the case. I don't know where people thing the SG government would get these "incredible" subsidies from anyway. It's not the UAE!

Doesn't 2/3 of Singapore live in public housing? That's a pretty subsidized way of life.

by scurvy 10y ago

Doesn't 2/3 of Singapore live in public housing? That's a pretty subsidized way of life.

sho 10y ago

No, that is completely wrong, but admittedly it's a fairly uncommon situation so the confusion is understandable. Singapore is quite unique in that it's such a tiny city, the government has very tight control over land use, and as such has historically acted as a gigantic real estate developer. It has seen its mission as providing cost-effective and yes, sometimes subsidized, housing for its population, and the program to manage this is known as the HDB. Over 80% of the population live in HDB-provided apartment housing. However, the vast majority of those residents own their own apartments, having purchased them from the government (and yes, certain subsidies can apply - up to perhaps 30% the fair value of the property). It's public housing only insofar as it was developed by the government - certainly not free or nearly-free as the phrase might imply in other countries, so it's quite a misleading term to use.

sheepmullet 10y ago
Last time I looked you could get a bto for ~$400k compared to $1.7-$2million for a comparable condo in the same area.
- sho 10y ago
  The condo in that case is going to be far superior in every imaginable way. A $400k BTO is going to be very basic. The rule of thumb is 20-30% discount on fair market value. Not 80%! Yes, it's a pretty sweet scheme if you're eligible, but it's not a total giveaway. If you really could buy a $400k HDB that was comparable to the $2m condo next door then the $2m condo would never even be built, as there would be no market for it.
  - sheepmullet 10y ago
    HDB vs resale HDB is 20-30%. HDB vs Condo is a lot more. There are serious restrictions on resale hdb flats which cause them to be priced a lot lower than condos. These restrictions are deliberate policy to ensure affordable housing and subsidise Citizens and PR. The major ones: - You have to be a citizen or PR of at least a few years. This cuts out 1.5 million people. - You have to meet racial and PR quotas. This limits demand. - You can't have other properties. This excludes people with overseas property and excludes wealthier Singaporeans from buying HDBs as investment property.
    - sho 10y ago
      Yes I know. You sound like you're agreeing with me. I was arguing against some long-ago comments that insinuated the subsidies were "massive", "incredible", etc, and that being born in singapore was some kind of golden ticket to a life of endless government gravy. This is not at all the case. I don't know where people thing the SG government would get these "incredible" subsidies from anyway. It's not the UAE!