WEDNESDAY, MARCH 23, 1983
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CALL FOR INCREASE OF HOME OWNERSHIP
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THE GOVERNMENT SHOULD GIVE SERIOUS THOUGHT TO INCREASING HOME OWNERSHIP BY ENCOURAGING THOSE IN PUBLIC HOUSING ESTATES TO BUY THE UNITS THEY ARE NOW LIVING IN, DR THE HON HARRY FANG SAID.
HE TOLD THE LEGISLATIVE COUNCIL DURING THE FIRST DAY OF THE RESUMED BUDGET DEBATE THAT ALTHOUGH HOME OWNERSHIP MADE SOUND SOCIAL POLICY, IT WAS CLEAR THAT ONLY LIMITED INROADS COULD BE MADE IF PRÉSENT STRATEGY WAS CONTINUED.
HE SAID ONLY 6 400 UNITS OUT OF A TOTAL ESTIMATED STOCK OF 36 600 UNITS IN THE 1983-84 HOUSING PROGRAMMES WOULD BE FOR SALE.
+GREATER IMPACT COULD BE ACHIEVED AND MUCH NEEDED REVENUE RAISED IF WE WERE TO IMPOSE A MEANS-TEST ON THOSE WHO HAVE RESIDED IN PUBLIC HOUSING ESTATES FOR TEN YEARS OR OVER, AND GIVE THEM AN OPTION TO BUY THEIR LIVING UNITS IF THEY ARE FOUND TO BE NOT ELIGIBLE TO RETAIN THEM ON A RENTAL BASIS, + HE SAID.
+AS A START, THE CHOICE OF UNITS FOR SALE MIGHT BE LIMITED TO THOSE ESTATES THAT HAVE ALREADY ACHIEVED MAXIMUM DEVELOPMENT.
+ IF THE TERMS OF PURCHASE CAN BE MADE REASONABLY ATTRACTIVE, AND WITH THE ASSISTANCE OF 20-YEAR BANK MORTGAGES, I BELIEVE THAT THE CAPITAL OUTLAY AND MONTHLY INSTALMENT PAYMENTS WOULD BE WITHIN THE REACH OF A SIZEABLE NUMBER OF SITTING TENANTS, HE SAID.
DR FANG NOTED THAT SOME LONG-TERM RESIDENTS IN PUBLIC HOUSING ESTATES EARNED INCOMES WELL IN EXCESS OF THE ELIGIBILITY LIMIT FOR THEIR HIGHLY SUBSIDISED RENTAL ACCOMMODATION.
BY BUYING, SUCH FAMILIES COULD ESCAPE THE MEANS-TEST AND FREE THEMSELVES FROM THE EXISTING RESTRICTIVE TENANCY REGULATIONS, HE SAID.
+ I ESTIMATE THAT THIS FORM OF HOME OWNERSHIP WILL BRING IN SOME $3.5 BILLION EVEN ON A CONSERVATIVE RECKONING, HE SAID.
+THIS IS CALCULATED ON THE BASIS THAT AT LEAST SEVEN PER CENT OF THE EXISTING HOUSEHOLDS IN PUBLIC HOUSING, OR 35 000 UNITS OUT OF A TOTAL STOCK OF HALF A MILLION, WILL HAVE THE CAPACITY TO BUY AT AN AVERAGE COST OF $100 000 PER UNIT.
+ DO NOT UNDERESTIMATE THE ADMINISTRATIVE COMPLEXITIES OF MOUNTING SUCH A SCHEME BUT I BELIEVE THAT IF THERE IS THE WILL, A WAY WILL BE FOUND.*
EARLIER, DR FANG SOUGHT AN ASSURANCE FROM THE GOVERNMENT THAT LONG-TERM PLANNING IN THE SOCIAL SERVICES FIELD WOULD CONTINUE.
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