For a third time in a week, HDB was forced to issue another blanket reassurance to disgruntled Singaporeans that HDB flats remained affordable except this time, the letter to the Straits Times Forum was not penned by its Deputy CEO, but two deputy directors from HDB and URA.
The writers claimed that the government is committed to ensuring that public housing remains affordable to the majority of Singaporeans through “proper targeting of subsidies and calibrating supply to match demand.”
The income ceiling ensures that the Government’s limited public housing subsidies are given to those who need them more. At the current ceiling, about eight out of 10 Singaporean households qualify for housing subsidies.
What was not mentioned that the income ceiling of $8,000 was put in place 15 years ago in 1994 and it does not factor in the fluctuating bank interests, change in income and inflation over the years.
It also does not answer the key question whether a couple will have sufficient savings left in their CPF for their retirement at the end of the thirty year tenure. Continue reading
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