HONG KONG: A flagship US$3.4 billion plan by Hong Kong to build temporary housing to ease a massive shortage is facing fierce criticism over its high cost and the absence of a longer-term solution in one of the world's most unaffordable property markets. The global financial hub has long struggled with sky
Authorities last month announced eight locations for the homes that would have a unit size of 140 to 330 sq ft to accommodate families of one to five people.
Yau said the scheme would do little to solve the housing shortage - a problem that has dragged on for over two decades - because there are currently 200,000 people living in subdivided flats and the homes are not permanent.A 2020 government report showed 1.65 million people, or 23.6 per cent of the total population of 7.5 million, were living in poverty. That compares with the city's roughly 434,000 millionaires in 2021, according to a Citibank survey.
The government said the Light Public Housing would help tenants of sub-divided flats, as the rent would be HK$780 to HK$2,650 per month, significantly below the current median of HK$5,000 rent for subdivided flats. The lawmakers said the project at Kai Tak in Kowloon, the most controversial among the eight sites, would further pressure already burdened facilities and transport networks in the area.
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