17 Apr '11, 2am

Heart of the housing issue : Cost of Land: “LOWERING land cost as a way to reduce new Housing Board flat prices

Now back to the issue of land valuation. Land in Singapore is a scarce and precious resource most of which was originally owned or acquired by the govt using the Land Acquisition Act. We can reclaim some land from the sea provided our neighbors don’t complain but the total land area in Singapore won’t increase much over time. Given this situation, the decision to make public housing the main form of housing under the control of the govt is a correct one. We have seen what happened in many developing countries where free market for land allowed the rich buy up most of the land and the poor people become landless, sometimes homeless and trapped in a vicious cycle of poverty – the only solution left in places like Philippines was to carry land reform in which govt forcibly take back land and redistribute it to the lower classes. That is the bleak situation that public housing...

Full article: http://www.temasekreview.com/2011/04/17/heart-of-the-hous...

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