Hong Kong has consistently ranked globally as the least affordable housing market, holding this title for over eight years. Housing costs are staggering, averaging nearly 20 times the annual household income. For instance, a family earning USD 50,000 would face the daunting prospect of buying a house priced at USD 980,000. This financial strain has forced many residents into living spaces as small as 75 square feet—comparable to a parking space.
Small-Space Living: Cage and Coffin Homes
Thousands in Hong Kong now reside in subdivided apartments and “cage homes,” which provide just enough room for a bed and a few belongings. These cramped quarters are stacked within shared spaces, offering a communal kitchen and bathroom for cost efficiency. Innovative alternatives like capsule living are emerging, equipped with modern conveniences like Wi-Fi, but these remain a temporary fix rather than a solution.
The Real Issue: Land Management
Despite the common perception of land scarcity, 75% of Hong Kong’s land remains undeveloped. The crux of the problem lies in government policies that tightly restrict land for urban housing—only 3.7% is zoned for this purpose. The government leases land through competitive auctions, prioritizing revenue over affordability. This system incentivizes sky-high bids from developers, often backed by mainland Chinese firms, further inflating housing prices.
Solutions in Sight?
While the Hong Kong government has introduced measures to address the housing crisis, progress has been slow. Experts argue relief requires zoning reform and prioritizing public interest over market profits.
The Way Forward
A shift toward better land-use policies could alleviate the housing crisis, freeing up more land for development and reducing residents’ costs. Until then, Hong Kong’s population continues to adapt to living in spaces that redefine “home” under extreme conditions.
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