Don't let HDB flats be used to amass wealth
I agree with Forum writer Ng Beng Choo (
- by autobot
- Oct. 10, 2022
- Source article
Publisher object (23)
I agree with Forum writer Ng Beng Choo ( , Oct 4). Under the current rules, which do not stop a person who owns a Housing Board flat from buying a private property, many HDB flat owners have gone on to purchase private properties. They continue to hold on to the HDB flat, as they know that once they sell it, they will not be able to buy one again while they still own a private property. I knew of a few friends who rent out their flat and use the rental income to service their private property purchases. One friend lives in a semi-detached house and owns several overseas properties, and has been collecting rental income from an HDB flat for a few decades. With nothing done to correct this situation, many owners will never give up their HDB flat since the law doesn't require them to. They will generate rental income while also investing in private properties. I'm quite perplexed as to why this is allowed, while the reverse is forbidden. Since such owners have enough wealth to afford private properties, why should they still be allowed to own a subsidised flat and use it as a cash cow? HDB flat owners who go on to purchase a private property should have to sell their HDB flat since they no longer require a subsidised home, thus making more flats available in the market. I hope HDB will review the current rules so that more flats can go to those who really require a roof over their heads, and not those who use them to amass more wealth.