Affordability, Home Ownership and the Middle Class Housing Crisis in Hong Kong

While the housing markets in the western world suffer from problems centring around falling demand and negative equities, Hong Kong stands in stark contrast to this development. Rising affluence and conflicting government policy have led to a phenomenal growth in house prices and a general increase in home ownership. This situation has triggered off two different but related social processes. First, home ownership has created substantial wealth and life chances for established home owners and there are indications that social division is being gradually restructured. Second, the same process has also residualised a sector of the middle class – classified as the ‘sandwich class’ in Hong Kong – who are trapped in the housing system because of an affordability problem. This paper attempts to trace (1) the genesis of this middle class housing crisis through an examination of house price inflation and the growth of owner-occupation for the last two decades; and (2) the contradictions within the present housing policy which contribute towards the current housing crisis. It is argued that housing research should take special note of the restrictive nature of housing systems such as in Hong Kong where over population and shortage of land could severely limit policy choice

Business · Development economics · Economic growth · Economics · Government (linguistics · Market economy · Middle class · Population · Sociology · Housing, Finance, and Neoliberalism

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