hong kong housing crisis explained

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Let's break it down. By John. As one of the world’s most densely packed places, Hong Kong is a vertical city. "My chances are so slim," says Chan. I'm in the so-called sandwich class: my income is too high for housing, [and] too low to pay for a down payment to buy a place. "Getting drawn for the HOS has been compared to winning the lottery. "I'm not eligible for public housing. 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. It's definitely a very large flat by Hong Kong standards," says Chan.Frustration at the Chinese territory’s sky-high property prices is one of many reasons why people are protesting. 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. The Hong Kong protests have dragged on for more than six months. "Carrie Lam will for sure face opposition when putting forward such an absurd proposal, no matter what the social climate is in Hong Kong. It's a play on a popular saying about being successful through your own hard work. "The Lantau project is not based on sound justification and rational policy planning," he says. Source: Gizmodo. "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. "It's a highly politically sensitive subject. Published December 23, 2014. ""I've been planning to move to Chiang Mai in Thailand because the living expenses are way lower than in Hong Kong. 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: Hong Kong’s Housing Crisis: Soaring Buildings And Rent. "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. "Brian Wong is a member of the Liber Research Community, a local nongovernmental organisation focused on land and development.Vancouver ranked a distant second place in the survey. "The housing crisis will add to frustration and get more people out onto the streets. "The housing problem in Hong Kong has become a humanitarian crisis, in which the government's policy interventions have been feeble," Wong tells Al Jazeera. "The 26-year-old also lives with her parents, although her privately owned family home is almost five times the size of Liu's flat.Two-thirds of respondents say they expect property prices to continue to rise in the next six months, while the average age at which respondents expect to be able to buy a property is now 44. 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. For those on a median salary in New York, getting on the property ladder takes an average of 5.5 years.While Hong Kong Chief Executive Carrie Lam has been credited for being more proactive than her predecessors on housing, an ambitious plan to build 1,700 hectares of artificial islands between Lantau Island and the main Hong Kong Island has courted fierce criticism. "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. Even if I earned a third of what I do now, at least I would be able to save. Updated June 8, 2018. "It is like using a sledgehammer to crack open a nut," says Wong. By John. "The room was cramped [even] when I was little, especially during homework time because we shared a desk", he says. There, it would take an average of 12.6 years to save enough money to buy a home. "The root cause is unjust land allocation, not insufficient land supply.

"Tammy Chu from Concerning Grassroots Housing Alliance says frustration at housing policies is already boiling over. Published December 23, 2014. "Our organisation and others have launched several protests in order to fight for our housing rights," she says. 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. Updated June 8, 2018.

''"We have three bedrooms, a spacious living room, and a big kitchen. "The housing crisis will add to frustration and get more people out onto the streets." Sixty percent of people who showed an interest in co-living spaces were married, while some residents are shifting into micro spaces and even sleeping in McDonald's restaurants.Chan is one of the lucky ones, "In theory, I could purchase a property if my parents lent or gave me the money for it," she says.

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