Youths urged to move upward and not waste decades for housing

Stacy Shi

Young people should strive to "move upward" and waiting for public rental housing is not a viable option as the current waiting period for a public rental housing flat is approximately 29 years for an 18-year-old applicant, lawmaker Chow Man-kong said yesterday.

Compared to a survey conducted in 2022 which recorded 38,000 one-person applicants aged below 30, half of whom have at least post-secondary education, Chow said the number has decreased because the youngsters are aware there is no positive correlation between the chances of being allocated and early application. He said the average age of the youngest non-elderly person to be allocated public rental housing was between 47 and 52 years old.

"In other words, if young people apply for a public rental housing flat at the age of 18, they would have to wait for at least 29 years," Chow said.

Housing Authority member Anthony Chiu Kwok-wai said applying for public rental housing is not the mainstream approach among youths.

Chiu said young people's incomes are likely to exceed the eligibility limit as they receive promotions and pay rises in the early stages of their careers.

He said the declining property market and relaxed mortgage arrangements for subsidized sale flats would facilitate young people's ability to purchase their own homes.

Chiu also suggested exploring adjustments to the ratio of rental to sale units in public housing, potentially increasing the proportion of flats for sale.

"It's less difficult to buy a flat compared to a few years ago. With the latest policies and the fall in property prices, the down payment may only be a few hundred thousand Hong Kong dollars," he said.

However, a citizen, Wong, disagreed with Chow and Chiu's assessment, saying she waited 8 years to obtain a home under the Green Form Subsidized Home Ownership scheme, adding:"How can I afford to raise children after paying for such high property pricesand private buildingrents?"