Govt aims to cool property market, not crash it

Dear Mr Mah,

I refer to the comments you made in parliament as reported by Straits Times on 24th Nov 2009.

You said that the government’s intention is to cool the market, not crash it. But why would markets crash if they had been kept steady to begin with? What is the point of saying that the government doesn’t want to crash the market when it watchfully allowed the market to spike up to dangerously high levels? You sound like the motorist who crashed his car going at 220 km/hr trying to explain that it is not his intention to crash his car. The question is, why was he going at 220 km/hr in the first place?

What is the point of blaming speculators when the root of the problem is the lack of supply? How would speculators stand to profit if there is plenty of housing available? When there is plenty of housing available, people have plenty of choices and need not resort to buying from speculators.

You say there is a lot of supply. But the 10,600 units from the confirmed and reserve list as well as the 35,000 planned units are units that are as yet unavailable. What is the point of telling us there are many units in the pipeline when none are available now and we need them now? And even with these additional units, what is stopping the immigration department from importing even more people to gobble up these units? About a year ago you said there will be sufficient units and asked us to wait. A year later the units are still not enough. So you’d just keep asking us to wait forever?

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