In his annual policy address, Hong Kong Chief Executive John Lee noted that the city's housing affordability crisis is a major issue, especially for citizens under 40. He announced policies to ease access to subsidized housing, including an extra ballot for younger applicants and an increase in quotas for certain schemes. This initiative recognizes the challenges young people face in a crowded housing market.
Lee stated that young Hong Kongers, faced with high housing costs, might avoid promotions to stay eligible for public assistance, reflecting a dire socio-economic reality. The government aims to improve access to housing through innovative policies such as increasing quotas for subsidized flats and enhancing the Youth Hostel Scheme, thus attempting to alleviate the mounting pressures of affordability.
#housing-affordability #youth-housing #policy-address #hong-kong-government #subsidized-housing-schemes
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