The top advisers to Hong Kong leader Carrie Lam Cheng Yuet-ngor on Thursday approved several new policies aiming to relieve the city’s housing crisis, the Post has learned.
The package includes: unlinking the pricing of government-subsidised housing from market rates; introducing a vacancy tax on newly built but unsold flats; and building affordable housing on five prime sites originally reserved for private developers to build luxury homes.
A source said the vacancy tax was proposed to be twice a home’s rateable value. The rateable value is the estimated annual rental value of a flat, calculated by government specialists and based on market rates.
Executive Council approves several new policies including vacancy tax and sites for affordable homes in bid to relieve Hong Kong’s housing crisis | South China Morning Post