Even if I earned a third of what I do now, at least I would be able to save. "The Lantau project is not based on sound justification and rational policy planning," he says. "I'm not eligible for public housing. In its densest district, Kwun Tong, 57,000 people crowd every square kilometer of land.All of this is happening in the city with the highest concentration of millionaires in Asia. At the same time, it would be hard for me to rent a flat with the market price as it is," he says.But critics cite a lack of policies aimed at boosting land supply and a reluctance to curb speculation.
"Though from different circumstances, Liu and Chan share a problem faced by most of the city's population: buying a property is a distant dream. "The root cause is unjust land allocation, not insufficient land supply. "My chances are so slim," says Chan. "It's a highly politically sensitive subject. It's definitely a very large flat by Hong Kong standards," says Chan.Frustration at the Chinese territoryâs sky-high property prices is one of many reasons why people are protesting. It's a play on a popular saying about being successful through your own hard work. Hong Kong’s Housing Crisis: Soaring Buildings And Rent. Updated June 8, 2018. "It is clearly understood among the public that the primary objectives for the Lantau project are not to solve the land supply issue, but that it could be related to an initiative to further integrate the city with mainland China," says Wong.Others, like Olivier Liu, are ready to pack up and leave.On the other side of Hong Kong's housing divide is Julia Chan, an executive assistant at one of the city's public hospitals.© 2020 Al Jazeera Media NetworkAccording to the government, the city's topography - much of Hong Kong is hilly - and an acute shortage of land are to blame. "Our organisation and others have launched several protests in order to fight for our housing rights," she says. "His sister has since moved out of the family home, a 35-square-metre public housing unit in Hong Kong's New Territories.Earlier this year, Chan submitted an application for the Home Ownership Scheme (HOS), a government initiative to help young people buy their first flats. Apartments and offices stretch toward the sky, and the city of 7 million is three-times more dense than New York with nearly 7,000 residents per square kilometer.
Source: Gizmodo. Hong Kong’s Gini coefficient, a measure of economic inequality, is in the same league globally as that of Brazil and Haiti.And if you liked this post, be sure to check out these popular posts:Check out The Economist's take on the Hong Kong housing crisis in the video below: As the pictures in this gallery demonstrate, Hong Kong is in the midst of a drastic housing crisis:As one of the world’s most densely packed places, Hong Kong is a vertical city. An influx of the wealthy from mainland China has pushed up housing prices in Hong Kong, which now has the highest level of income inequality in Asia. "Getting drawn for the HOS has been compared to winning the lottery. "Carrie Lam will for sure face opposition when putting forward such an absurd proposal, no matter what the social climate is in Hong Kong. "The housing crisis will add to frustration and get more people out onto the streets." By John. The Hong Kong protests have dragged on for more than six months. Published December 23, 2014.
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