The Hong Kong Housing Authority sponsored buildings 公屋60歲除名 the initiative on Friday. If it is approved, it will be implemented from October 1 next year. Guo Weiqiang, a member of the Hong Kong Housing Authority and a member of the sponsored Housing Committee, pointed out that the new measures will increase the demand for private housing and even further push up the rent. He believed that the Hong Kong government should not rush to implement the plan at this stage.
According to the current rich households policy in Hong Kong, households who have lived in public housing for more than 10 years shall report their family income to the housing department every two years. If their income exceeds three times the income limit of the public housing waiting list, they shall pay double room money and report their assets in the next reporting period; If the household income exceeds three times and the assets exceed 84 times the income limit of public housing, the household shall pay the market price and move out of the public housing unit within 12 months.
In order to accelerate the circulation rate of the public housing waiting list, the Hong Kong Housing Authority plans to tighten the “rich households policy” to free up more public housing units. With regard to the inspection mechanism for wealthy households, the press pointed out that the housing department proposed to increase the income level of wealthy households from three times to four times the current limit. If the sponsoring building group wants to deal with it leniently, it can be changed to five times the income limit. Taking a family of four as an example, the four times and five times of the income limit of public housing are $106760 and $133450 respectively. The Hong Kong Housing Authority pointed out that according to the survey of the census and Statistics Department, the income level of such families is up to 6% and 4% in similar families in Hong Kong. It is believed that they no longer need public capital subsidies, so it proposes to “kick out” tenants whose family income exceeds four times.
News sources confided that the Hong Kong Housing Department calculated that public housing tenants with assets up to 80 times the lower income limit of the waiting list had been able to purchase housing units sponsored by the Hong Kong Housing Authority, including Ping Hin court in Yuen Long, Ka Shun court in Sha Tin, or Jingtai court, a “green home” to be promoted. The Housing Department proposes that the asset level of wealthy public housing households should be set at 91 times the income limit of public housing, and those who exceed the limit will be “kicked out”. If the sponsoring housing group wants to deal with it leniently, it can be changed to 100 times before they have to move out. Take a four person family as an example, the income limit of 91 times is $2.43 million.
Guo Weiqiang, a member of the Legislative Council of the Hong Kong Federation of trade unions and a member of the Housing Authority’s sponsored houses Subcommittee, hinted that once the new rich households policy is implemented, it will cause public housing tenants to be confused. Because families with two generations only need their children to go out to work, their family income will easily exceed the amount, and once their parents get a pension, they will have to move out of public housing at any time due to the “explosion” of assets, but these families may not be able to afford private buildings with rising property prices. He was worried that the new measures would further increase the demand for private buildings or further push up the rent of rental flats under the lack of provision of sponsored houses. He believed that the Hong Kong government should not rush to implement the plan at this stage and should first provide a way out to the affected households, such as providing more “green homes” for wealthy households to buy jobs.
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