One reality is that you most likely won’t be targeted by this new law. So of course from that point of view I would agree that it is perfectly fine to come here if you wanted to come anyway and got a good offer.

On the other hand, I’m afraid that this political situation will lead to the city “slowly dying” as an international metropolis. I have many friends here who work in education. A problem is definitely, that much less people choose HK as a place to educate their children. Less mainland kids sent over here, less expats coming and people in HK who have the money increasingly send their kids to boarding schools abroad. A few teachers I talked to said that cause of that they expect that schools at some point will have to down-size, meaning teachers will have to go elsewhere at some point. This might not happen now but in a few years.
With that, it will reduce the attractiveness of HK as a place to permanently settle with a family.

Singapore is not really better than HK in terms of political freedoms (I would roughly rank them similarly after the security law passed). Singapore has draconian anti-drug laws and you could in theory face a death penalty. On the other hand in HK you might risk arbitrary arrest (or extradition to china) as a political means (such as those Canadians and Americans randomly arrested Over the Huawei case). I don’t know which is really worse. in Singapore, you know what is the situation and the reality I guess. In HK, no one knows what the political landscape will look like in a year.

If you are coming by yourself and you are attracted by the HK lifestyle or got a good offer, it’s still a great chance if you got an exit plan. But I would not put a family into that situation at the moment.