John Lee policy address 2023: record 410,000 new public flats in Hong Kong, shorter waiting time over next decade

John Lee, the leader of Hong Kong, has announced ambitious plans for the city's housing situation. Over the next decade, he intends to construct a record 410,000 new public flats. This figure is significantly higher than the estimated demand of 308,000 homes, marking the highest number of planned homes since the government began revealing these figures in 2014. Lee's goal is to reduce the waiting time for public rental housing, and to increase the supply of private homes on the market. nnIn addition to these plans, Lee has also addressed the issue of subdivided flats. These are the city's smallest living spaces, often associated with safety, health, and security hazards. A task force has been established to tackle this issue, although no specific timeline for their eradication has been set. Lee's administration is also working on measures to assist lower-to-medium income Hongkongers in purchasing second-hand subsidised homes. This includes extending the mortgage default guarantee of subsidised flats from 30 to 50 years. nnOn the topic of new private homes, the authorities have acknowledged that supply is unlikely to meet the annual target, following a series of failed land sales this year. They estimate a demand for 132,000 flats over the coming decade, but the land available over the next five years will only provide 80,000 homes. Despite these challenges, Lee remains committed to his housing plans and is exploring new ways to accelerate large-scale urban redevelopment.