Home Uncategorized Penangs new housing measure only benefit developers

Penangs new housing measure only benefit developers

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Penang Gerakan Youth Legal and Public Complaints Bureau Chief Jason Loo believes that Penang’s new measure on affordable homes will only benefit property developers and not the low-income earners, reported Bernama.
Notably, the new measures, which raised the net household income, will only help property developers sell units, he said.

Loo revealed that a recent survey showed that while 49 percent of Penangites have a household income of less than RM4,000 per month, they still could not afford to acquire a home within the state.

“The state government needs to address the problem by reducing the prices of property in all affordable home categories instead of helping the developer by increasing the monthly household income.”

With the new housing measures, those earning less than RM4,000 still could not afford to buy their first home, he said.

State Town and Country Planning and Housing Committee chairman Jagdeep Singh Deo last Monday announced the increase in the household income ceiling for affordable housing applicants within the state to allow more people to apply for a housing loan with banks.

Loo, however, said the RM150,000 special affordable home category of the government did not help since these units have no car park and furnishing, which would cost another extra cash for homebuyers.

To ensure that Penangites could afford to own such properties, Loo suggested for the government to lower the current prices of affordable homes.

“Blaming the federal government and also Bank Negara would not resolve the problem,” he said.

The new affordable housing measure saw the Penang government raise the household income ceiling for affordable homes priced at RM200,000, RM300,000 and RM400,000 from RM6,000, RM8,000 and RM10,000 to RM8,000; RM10,000 and RM12,000, respectively.

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