the key to resolving the housing issue is not by raising income
ceiling, but rather, the correct way should be to raise people's
real income and at the same time make housing more cheaper, and
thus more affordable.
raising the income ceiling will only serve the inflate housing
prices further in the long run, since housing will always be in
short supply. The income ceiling can be raised overnight, but not
the actual income of singaporeans.
Raising the ceiling from 8k to 10k will allow the $8k-$10k
segment of the population to join the fray for hdb flats, which are
still a cheaper alternative than private housing.
The fact that they have a higher earning power allows them the
capability to outbid others for housing, therefore creating a
vicious cycle where hdb flats get pricier and pricier.
Since we are unable to raise people's pay significantly
overnight, the only
solution is to lower the price of hdb flats, which obviously the
government have the power to.
When common hdb flats devalue, it would have a linked effect
upon the price of provate properties. (Why pay so so so much more
for a condo when a similar 99yr leasehold hdb only cost a quarter
of the price?)
As a result, the property market can be made more unattractive
for speculators, and therefore drive down "artificial demands",
where we see many condo units being swept up, only to stay vacant,
or to be utilised as rental units.These are housing which could
have ended up as the primary home of others.