High cost of housing is not a new issue in Malaysia and particularly for the youth and this has caused much agitation among the citizens in addition to the increase in cost of living as a result of the country’s economic problem.
According to Bank Negara Malaysia’s latest estimation, there is a shortage of 960,000 unit of affordable homes and this number is expected to reach one million by year 2020.
- A house is a main requirement that the government needs to take seriously since affordable housing is a major issue that must be addressed by the BN Umno government.
- Malaysians are forced to wait for affordable housing promised by the government as they face various constraints, especially low-income earners when applying bank loans as it exceeds their repayment capabilities.
- Most housing projects in the country that are concentrated in urban areas particulalrly, are overpriced by developers ranging from RM400 000 to RM800 000 for an apartment or condominium. These prices are below the capability of most Malaysians who earn RM3000 and below.
Imagine if they buy a house priced that high, they would be spending more than half of their salaries repaying the loans. How would they continue to live with the balance of the money?
- Therefore, the government should control the percentage of house categories based on price, in line with the people’s economic realities to ensure houses in this country are affordable.
- Housing policies should also be established to address the concerns of citizens who are unable to afford these houses due to their financial constraints while prices of a houses are increasing and continue to be the biggest concern.
- I also hope that the Prime Minister will announce an increase in the number of affordable homes and subsidies for these home buyers, through the 2018 budget presentation this October 27, so that more Malaysians will have their own homes for their comfort in the future
* Tan Kar Hing, Simpang Pulai Assemblyman, KEADILAN Youth Deputy Chief
