PETALING JAYA, May 14 — The government should explore rental options alongside homeownership to address rising construction and raw materials costs, said the Real Estate and Housing Developers’ Association (Rehda) Institute.
Its chairman Datuk Jeffrey Ng Tiong Lip said renting could be a more sustainable option as land is a limited and depleting resource.
“If the government continues to build homes, there will always be pressure to find more land and build more houses. From a productivity standpoint, the government sells these homes at heavily subsidised prices.
“A tier of the B40 income group will never be able to afford their own homes. We do not want them to face such a scenario. Therefore, renting is a realistic proposition,” he told reporters at the Rehda Institute Regional Housing Conference 2024 here today.
Ng suggested the government increase rental housing stock and maintain these assets to meet the needs of people who prefer not to own homes.
At the event, Rehda Institute launched its report titled Affordable Housing II – Closing the Gap: A Strategic Approach to Balancing Supply & Demand, an extension of its first report from 2018.
Ng said the second version of the report addresses pressing issues such as housing demand and supply and affordable housing, which have been major concerns for the government for many years.
He said the government and policymakers need to address core structural issues and create policies to resolve the housing crisis, thereby fostering a conducive housing market that benefits the people.
“There are many recommendations in the report that we need to discuss with our stakeholders within the industry, especially the authorities. Policy changes should be based on thorough analysis and justification of the data.
“Stakeholders may or may not agree with our conclusions, but the idea is to engage (in dialogue), accept constructive criticism and justify the stance,” Ng said.
— Bernama
