I started writing this on 24 April. Most of this has been covered extensively in the last 2 weeks in preparation for Election Day by almost anyone with an opinion. I figure I'd post these notes anyway.
On HDB flats - Firstly, I got a big problem with the gahmen and the general media saying that whatever percentage of Singaporeans own their flats. It's a 99-year lease at most, not freehold ownership. The gahmen can take over "airspace" any time, like any regular building owner can do.
Secondly, we've heard this past year or so that one's HDB flat is an asset. My problem with this thinking is that many do not have the luxury of recategorising this basic Singaporean manifestation of shelter into a money-making entity. Yes, the price of a flat undeniably increases over time but so do the prices of all other properties. If one was to liquidate this asset, finding an equivalent or better place to stay would be difficult. It might need a change of mindset and expectations, like moving out of Bishan to Yew Tee, a sacrifice of location and perhaps amenties. (I heard they are going to build flats in Tengah. Those should be cheaper) Or perhaps moving back into one's parents' flat. Or winning the lottery.
Thirdly, we put all our savings into our flat. Our CPF gets effectively wiped out and we go into debt for 25-30 years at the mercy of a bank or the gahmen. We hopefully manage to pay off the flat and are eventually broke when we want to retire. How does one manage a respectable old age when there's no income? So we will work till we die. Double M came out to say he'd work til the end if he could, instantly erasing any semblance of a dignified retirement for most Singaporeans since almost all he says is gospel. (I forget if we are a functioning democracy with thinking individuals or a paternalistic, semi-dictatorial society of robots.)
Fourthly, I'm a little tired of gahmen help for "couples buying flats for the first time". Yeah, we do want to see more people tying the knot and having babies but seriously, having a decent place to live is for everyone not a select bunch. Why not help singles who are also taking care of elderly parents? Why not take care of single parents? Why not take care of old folks who want some independence? Why not consider the needs of divorcees? So many groups to look after and the focus seems to have not changed with changing times. I got no help from the gahmen in getting my flat because I am over 35 and single. Ageism? It's something all right and I don't like it. Help everyone why not. Why have so many rules to govern home ownership? Are they necessary? What would really happen if we took away some limitations and simplified processes?
Fifth, I would like the HDB to stop blaming resale price rises on market forces and worse still, patting themselves on the back for inventing convulted schemes to resolve their mess. This is a small island and yes, unfortunately, we can't leave everything to ebbs and flows of market forces because our incomes and pay rises don't swing in tandem with what we see happening with HDB prices - 70% jump up in less than 5 years. Has your salary increased by any similar rate?
Lastly, has anyone figured out what happens when the lease runs out? Or what happens when HDB flats start to sell for a million dollars? These things will happen in many of our lifetimes but the answers are needed now.
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