民訴記(101) - 平樓助經濟

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民訴記(101) - 平樓助經濟
By Kwokman
Date: 28^th January, 2012
 
Each month and quarter, analysts will summarize market statistics and draw conclusions. They look at unemployment, retail, manufacturing, inventory and real estate. They see sliding property prices as negative, which I find quite misleading. Most people would like home purchasing to pick up. When people buy houses, they also buy appliances, furniture and cars, stimulating the economy. In order to encourage home purchasing, should the price go up or down? The price must drop of course. One might argue that before the recession more people bought houses as the prices were rising. But that was speculation more than home purchasing. They bought homes on the false assumption that prices would rise perpetually. Moreover, Americans were relatively wealthy then but they’re poor now. Prices must drop more before recovery. In a healthy market, transactions are not driven by rising prices. On the contrary, most products cost less as they become more prevalent and commodified. Electronic products, appliances and clothing all become more affordable over time. This is a sustainable business model.
If Americans were still wealthy, rising property prices would encourage home purchasing. In addition to speculators, there’re those who rush to buy properties out of the fear that they won’t be able to afford a home if they don’t act now. They may have to borrow above their ability to repay. Everyone knows this kind of market bubbles do more harm than good. Markets become volatile and on the way up the rich get richer; on the way down, the common folks are called upon to save the day. It’s sad that most people want real properties to appreciate, including those who bought as their own home. How could rising property prices benefit these people? Borrowing from their increased equity would burden rather than help them.  More puzzling is that some renters want property prices to rise because that gives a false sense of booming economy. However, market bubbles driven by speculation always cost you more in the long run. It’s like overdrawing from your savings account. You will have to repay with interest sooner or later. Housing is essential to urban living. Unless you’re a realtor, you would be a fool to favor high property prices. You shouldn’t live under the fear that you won’t be able to own a home unless you buy now. You shouldn’t fear that your children will never be able to afford if you don’t help them now. Most products become more affordable as they’re marketed to more people. Everyone needs a home but nobody can afford to own a home. Does it make sense? Some cities, e.g. Hong Kong, are completely reliant on the real estate industry. Dropping property prices can be painful. That’s exactly why the prices must drop. Speculation on real estate is overdrawing from your future and it can’t go on forever. It’ll be too late when there’s nothing left to draw. Hong Kong must produce something. Stop giving yourselves excuses to continue the real estate only economy already. Hong Kong people are among the most flexible and inventive. There are better things to do. You hang on to real estate because sitting on appreciating properties is easy. Because of complacency of those who have, those who don’t have are enslaved for life by the filthy rich developers. Dropping property prices is good for everyone and public policies should ensure low and reasonable property prices. If you cannot afford to own a home now, you should be able to save up until you can. Property prices should not and will not rise perpetually.

精選歌曲﹕

譚詠麟 - 香港　香港
作曲：黃貫中  填詞：林若甯  編曲：黃貫中  監制：黃貫中

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