alt Hacker News"I could not ask their sons to fight and die for the properties of the wealthy: Lee Kuan Yew"
"I resolved to enable every household to own its own home. If we were going to get the people to take National Service seriously, I could not ask their sons to fight and die for the properties of the wealthy. We worked out a personal savings scheme that allowed them to own an apartment painlessly through instalments over 20 years. We sold the apartments to them at below cost to enhance their assets. Today, 95 per cent of Singaporean households are homeowners. It has immeasurably increased their wealth and our social stability. Without home ownership, we would have become like Tokyo, Seoul or Hong Kong, where the voters in the cities are disaffected because they pay a large proportion of their salaries in rents.”
https://sgmatters.sg/i-could-not-ask-their-sons-to-fight-and...
It’s a pretty good policy: Singapore owns most land and therefore you lose the rent-seeking ability on land. So all homes are leasehold apartments and the government can develop places either by right or by using repurchase agreements with substitution. A unique setup that works given their constraints. In the worst case, you get to hold your apartment 99 years and then the government can take it all back to redevelop it. You don’t get nail houses like in China or California.
Ownership is closer to 90% now or something and the 30% of non resident foreigners will have much lower ownership obviously.