So I thought I would check it:
But Murphy said it would be hard for the UK to replicate the Singapore model. “More than 80% of people live in government-owned housing so it does not need to tax people, it just charges rent.”
I did think that was odd. So I went and asked the Singapore Ministry of Finance:
“The Housing Development Board (HDB) is Singapore’s public housing authority, and its main function is to provide affordable quality housing. HDB does not profit from the provision of public housing. HDB’s public housing programme incurs deficits, which are covered by Government grant, as reflected in HDB’s published financial statements.
In addition, we would like to clarify that vast majority of HDB flats are sold. There are various Government grants to encourage home ownership through public housing. In the Financial Year 2017, the estimated percentage of Singapore residents living in HDB flats is about 80%. Approximately 98% of this group are staying in sold HDB flats. Only about 2% are staying in rental flats.
To answer your question directly: Government funding, from the general budget is provided to HDB to cover its overall deficit.”
That is, Ritchie’s spouting bollocks. Again. Wonder when we’ll see the reverse ferret here. For we’re certainly not going to see an apology, are we?