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Title: HOUSING CRISIS IN HONG KONG: A DEEPER LOOK AND ANALYSIS WITH POTENTIAL SOLUTIONS
Authors: James Guo
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James Guo Chinese International School, Hong Kong
MLA 8 Guo, James. "HOUSING CRISIS IN HONG KONG: A DEEPER LOOK AND ANALYSIS WITH POTENTIAL SOLUTIONS." Int. j. of Social Science and Economic Research, vol. 7, no. 10, Oct. 2022, pp. 3561-3568, doi.org/10.46609/IJSSER.2022.v07i10.029. Accessed Oct. 2022. APA 6 Guo, J. (2022, October). HOUSING CRISIS IN HONG KONG: A DEEPER LOOK AND ANALYSIS WITH POTENTIAL SOLUTIONS. Int. j. of Social Science and Economic Research, 7(10), 3561-3568. Retrieved from https://doi.org/10.46609/IJSSER.2022.v07i10.029 Chicago Guo, James. "HOUSING CRISIS IN HONG KONG: A DEEPER LOOK AND ANALYSIS WITH POTENTIAL SOLUTIONS." Int. j. of Social Science and Economic Research 7, no. 10 (October 2022), 3561-3568. Accessed October, 2022. https://doi.org/10.46609/IJSSER.2022.v07i10.029.
References [1]. "Homeowners to Spend 70% of Incomeon Mortgageand More Hong Kong Real Estate Headlines." MingTianDi, www.mingtiandi.com/real-estate/crelist/hong-kong-homeowners-to-pay-average-70-of-income-on-mortgages/. Accessed 10 Aug. 2022. [2]. “Hong Kong has until 2049 to fix its housing crisis, but is it possible?” South China Morning Post, 2021. Accessed 10 Aug. 2022. [3]. "Hong Kong's housing crisis: with fewer and smaller flats, quality of life will only worsen." Our Hong Kong Foundation, www.ourhkfoundation.org.hk/en/report/31/housing/hong-kong%E2%80%99s-housing-crisis-fewer-and-smaller-flats-quality-life-will-only-worsen#:~:text=According%20to%20the%20latest%20report,come%20a%20decrease%20in%20quality. Accessed 19 Aug. 2022. [4]. "Hong Kong: thousands protest at plan to build new artificial islands." The Guardian, www.theguardian.com/world/2018/oct/15/hong-kong-thousands-protest-at-plan-to-build-new-artificial-islands. Accessed 19 Aug. 2022. [5]. "Housing and Property." Census and Statistics Department, www.censtatd.gov.hk/en/scode100.html. Accessed 21 Aug. 2022. [6]. Leung Chun-ying on his proposal to build housing on country park land. South China Morning Post, 2021. [7]. "Understanding Hong Kong’s Housing Crisis." The Borgen Project, borgenproject.org/hong-kongs-housing-crisis/. Accessed 21 Aug. 2022. [8]. "What's Stopping Hong Kong from Fixing its Housing Crisis?" Think China, www.thinkchina.sg/whats-stopping-hong-kong-fixing-its-housing-crisis. Accessed 30 Aug. 2022. [9]. "What Exactly Keeps Hong Kong Government from Moving Faster." South ChinaMorning Post, www.scmp.com/comment/letters/article/3174886/what-exactly-keeps-hong-kong-government-moving-faster. Accessed 20 Sept.2022. [10]. "Housing Stress is Harming Hongkongers' Mental Health." South China Morning Post, www.scmp.com/news/hong-kong/community/article/2117242/housing-stress-harming-hongkongers-mental-health-survey. Accessed 25 Sept.2022.
ABSTRACT: Long celebrated as Asia’s world city and “The Pearl of the Orient”, Hong Kong is one of the world’s most successful economies perched near the top of the globe’s economic rankings. However, Hong Kong is also known for its housing unaffordability. With all the glamorous skyscrapers, there are plenty of run-down subdivided flats scattered across the city. Since the handover of Hong Kong from the United Kingdom to China in 1997, both the Chinese government and the government of Hong Kong have voiced their concerns about the unaffordability of housing and have vowed to solve the issue. However, not only have no viable solutions been found, but the problem has also only gotten worse. With housing prices going up year upon year, more and more Hong Kong residents are being priced out of buying homes. This paper investigates the combination of vested interests at play that has been preventing Hong Kong from resolving its housing crisis. These vested interests are property developers, private property owners, opposition politicians, and government bureaucracy. With hundreds of thousands of lives feeling the negative impacts of astronomical housing prices, the Hong Kong government must take action to curb these vested interests and to enable the building of a sufficient supply of housing for its residents.

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