Rehda says govt should deliver affordable housing, not developers
The Real Estate and Housing Developers’ Association says the government should be the one to deliver affordable housing so prices in the open market can stabilise. – The Malaysian Insight file pic, June 2, 2023.
Many of these concerns arise from cross-subsidy policies to which developers must adhere, where open-market property prices are increased so developers can build inexpensive houses frequently sold below construction cost, he said. “This would eliminate the current cross-subsidies that raise prices of regularly priced housing, making it more expensive for the M40 group to afford homes,” he said in a statement following Prime Minister Anwar Ibrahim’s call yesterday for a review of the current policy on affordable housing.Tong said price hikes in the open housing markets have contributed to developments’ failure to attract buyers.
Tong said an unintended consequence of more expensive regular housing is the rise of complete but unsold properties, often referred to incorrectly as “overhang”.
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