|Hong Kong's a financial powerhouse but has major social issues...|
We're all for the latter but how's that going to come about when bosses are stingy types and rents are sky-high?!
Which is why so many young people were out in the streets protesting! Hello!
The foundation studied statistics from 1991 to 2014 that showed a young couple now had to save for 14 years and four months to put down a deposit on a 40 square metre flat (about 400 square feet) -- up from eight years and eight months in 1991.
The calculation was made on the average property price of private residential units and that the monthly mortgage payment would be about 40 percent of a couple's salary of HK$29,000 ($3,740).
Hong Kong also has the distinction of having the most unaffordable housing for the fourth straight year among 360 cities and countries, as well as the smallest homes according to US consultant Demographia.
While education remained the key driver to having a good income, the centre also noted the incomes of the better-educated had been eroded by inflation, while 40 percent of young people were working in hotels and retail which resulted in little chance of advancement.
And so the foundation proposed the government build youth hostels so that young people could save up to buy flats.
Many criticized this suggestion because it doesn't actually tackle the problem of property prices being out of reach of young people, and the apparently collusion between the government and property developers will only make the plan of building hostels another opportunity for the latter to rake in more money.
The entire economic system in Hong Kong is so skewed towards the rich that they keep getting wealthier, while the rest of us pay for their salaries because they have control over so many essential services in the city.
But the people in charge won't be changing the system anytime soon... so that's why building hostels is their brilliant solution.
This think tank seems to think that once young people have a home everything will be fine. They are obviously not looking at the big picture and in the long run...