KUALA LUMPUR: Malaysia needs to ramp up its supply of affordable housing and ensure that the selection procedures are coherent and transparent.
Research for Social Advancement (REFSA) researcher Lillian Wee said the COVID-19 pandemic has magnified the deficiencies and divide of Malaysia's housing affordability crisis, but it has created a unique chance to rethink, replan, and redesign key policies that will shape the future of the people's livelihoods.
"When the outcome of a skewed property market are locked-down cities filled with homeless people, a stalled economy and most devastatingly of all, the loss of homes, basic amenities and essentially, lives, we can no longer afford to wait. Now is the time to take action," she said in a statement today.
According to the statement, in 1990, the price of the average home was equivalent to about 4.7 years of per capita income, and today it has nearly doubled to 9.5 years.
Between 1990 and 2019, the average home prices have increased 5.6 times, or a 460 per cent capital appreciation.
In contrast, real gross domestic product (GDP) per capita income has grown by only 2.8 times, or 180 per cent.
In the midst of all these, the availability of low-cost housing is sluggish at best.
Of a total of 117,766 new housing units built in 2020, only 14,094 units or 12 per cent are low-cost, or priced below RM400,000.
"This figure fails to meet the National Affordable Housing Council's target of building 100,000 units of low-cost housing annually," said REFSA.
Meanwhile, on the flip side, 13,622 overhang units across Malaysia are priced above RM500,000.
Wee also highlighted that the rental market's regulation needs to be improved and protected to balance the legal power between the landlord and the tenant.
"As it stands, renting is generally much less secure; many tenants are restrained from making their house their home and tenants miss out on the tax and welfare benefits of homeownership.
"In this light, government and policymakers should consider protective measures such as removing 'no-grounds' evictions, extending minimum notice periods and creating a different regime for long-term leases," she said.
For those who are already homeless or live in overcrowded homes, Wee said temporary emergency accommodations with basic hygiene facilities should be provided.
This goal can be accomplished by leveraging and converting under-utilised private buildings such as abandoned shopping malls and hotels, and repurposing community assets like schools and community centres that are currently closed as short-term solutions for the urban poor or homeless people.
-- BERNAMA
Bernama
Mon Aug 16 2021
According to the statement, in 1990, the price of the average home was equivalent to about 4.7 years of per capita income, and today it has nearly doubled to 9.5 years. - Pic via AFP
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.