A Sinister Development
The development charge increase is obnoxious in that again, the
government is taking more money from the people. While ostensibly
the developers pay, is there any doubt that the ultimate paymaster
is the home buyer? Is there any doubt that the majority ultimately
suffers? See: Property Prices Rise at our expense
The sinister aspect of the development charge is that it would have
the effect of restricting supply by reducing the number of
redevelopments of old estates or condos in en-bloc sales/purchases.
Restricting supplies is never a good way to cool an over-heated
market and in fact, has the opposite effect in the long run.
Surely a better policy would be to ensure that all redevelopments
increase the built up area, and increase the living space.
It could even be multi-pronged. An increase in development charge
if the living space is reduced and a reduction of the development
charge if the developer plans to increase the living space after
redevelopment.
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These people.... what the....
