Housing Rent Needs Control

I was interviewed via email by an Apple Daily reporter last week, who asked for my comments on the housing strategy as laid out in CY Leung’s Policy Address.

This was my reply in full (in Chinese):-

梁特首施政報告中之房屋政策給我的印象係:長遠而言,土地房屋供應的陸續增加或會緩和地產霸權對市場的操控, 但弊處係遠水不能救近火!

我特別不明白他抗拒恢復租金管制的理由,他說租管可能產生反效果,但卻無解釋有何反效果;我曾聽過一些反租管人士所持論點,就係租管會令業主們不肯將手持單位放租,從而令整體出租單位減少及租金進一步上升,我祗想反問一個簡單問題,對物業投資者而言,少些租金收入還是完全無收入較為可取?我覺得反租管者祗從私利出發而對無殼蝸牛毫無同理心,亦可說是歪理連篇。

若要認真解决低收入人士之燃眉居住問題,最直接及最合理方法莫過於立刻實施針對中小型單位及劏房之租金管制。

紐約市自1969年以來施行租金穩定法例 (Rent Stabilization Law), 其目的在幫助低收入人士租住居所,一向行之有效,值得梁政府細心研究及仿傚。

Translated Version:-

The impression I get from the CE’s Policy Address on his housing strategy is that for the longer term, gradual increases in land and housing supply may perhaps serve to slightly loosen the property cartel’s tight grip on the property market; however, supply increase, which cannot happen overnight, is hardly an antidote for quenching the immediate housing thirst.

I am particularly puzzled as to why the CE resists reviving rent control. He kept saying that it might be counter-productive, but fell short of an explanation. People who are against rent control have a theory. They hold the view that rent control would discourage property owners from letting out their rental properties, which would thus put a squeeze on the number of available rental units and force up rents further. My only question is: from a property investor’s standpoint, which would be a preferable option: getting a little less rent or getting no rent at all? It seems to me that those rent control naysayers are just being selfish and totally callous towards the plight of people seeking (but not finding) affordable rental housing and their theory is flawed.

In order to help the low income group to get affordable shelter, the most direct and most rational solution would be to impose rent control targeting medium- to small-size flats and subdivided flats.

New York City (the bastion of capitalism not unlike Hong Kong) has been operating a Rent Stabilization Law since 1969, aiming to help low- to middle-income people get/remain in affordable rental homes. (One condition for the law to be operative is when the city’s rental vacancy rate is less than 5%.) That law may be worth studying.

Link for reference:-

http://en.wikipedia.org/wiki/Rent_control_in_New_York

Postscript:-

In view of the stratospheric level of property prices and rents now prevalent, giving home renters some sort of protection against obscene rent increases and possible eviction would obviously be a more prudent measure than luring them into the trap of purchasing homes (even subsidized ones) beyond their means at or near a price peak. Longer term, renting should always remain an available alternative to purchasing with appropriate regulations giving tenants security of tenure and protection from unreasonable rent increases demanded by landlords. Obviously, the rent control regulations that served Hong Kong so well pre-1997 were abandoned at the behest of vested interests.

   

"Les Miserables" - The Film Musical

For many people, the stage musical Les Miserables is one haunting piece of artistic sight and sound performance. For me, Victor Hugo’s passionate weaving of words into a heart-rending, 1,500-page novel about social injustices is what made an indelible mark on my heart and memory.......

On my 2011 trip to Paris, I paid a visit to the novelist’s historic residence at No. 6, Place des Vosges (in the Le Marais district), where a great portion of the epic novel was given birth. I stood bewildered for a moment in that somber little room inside the mansion, wondering how the lifeless space, in which he would remain for hours on end hunched over the writing bureau churning out page after page, could squeeze such unparalleled creativity out of his head.

When I came out of the cinema with tear-filled eyes, I thought I had an idea as to why there are so many fans of the original stage play. Music simply has that special power to add another emotional dimension to an already tear-jerking tale. Though I’m familiar with the story, I had never had the pleasure of seeing the stage show. But probably exactly due to that reason, I was very pleasantly awed by Tom Hooper’s film adaptation of the ever-popular stage musical. Not being burdened by a preconception and certain expectations that those original musical fans may carry, I was able to enjoy this film musical as it presented itself, on its own merits, without feeling compelled to compare it with the stage version.

Having said that, I can still think of one particular weakness of a live show as compared with a movie, and that is that spectators are at such a great distance from the stage actors (unless you’re in the front rows) that they are naturally unable to see the latter’s subtle facial expressions. This stage inadequacy is conveniently turned into a plus in a movie adaptation with close-up shots, thus avoiding the acting being lost on the audience.

Anne Hathaway’s rendition of the song “I dreamed a dream” sounds especially stunning as I hear it for the first time. Her acting is no less impressive. Hugh Jackman’s singing and acting throughout are nothing short of superb, as are Russell Crowe’s. Other songs I like are “Look Down” (group singing) and “Empty Chairs at Empty Tables” by the character Marius.

In any movie adaptation from a novel, there is inevitably some tweaking of story details here and there. This film is no exception. But in general it doesn’t fail to make a powerful statement, aided by the poignant songs sung by great singers, of human love, grace, youth ideal and passion, redemption and forgiveness, which statement does not stray the least bit from the core themes of the novel. For me, this is all that matters.

Some critics take issue with the latter half of the film turning off the spotlight on the lead character to focus on other “painfully thin” characters. But I find the comic episode (that of Monsieur and Madame Thenardier’s buffooneries) and the unrequited love bit (that between Marius and Eponine) are actually a welcome relief as they give a neutralizing balance to the maudlin pathos of the first half of the film.

All in all, I enjoyed the film tremendously, just as I had enjoyed other film adaptations of stage musicals over the years, like “The Sound of Music”, “My Fair Lady”, “West Side Story”, “Grease”, “Jesus Christ Superstar”, “Phantom of the Opera”, and “Mamma Mia”, etc. I have nothing but deep gratitude for the professionals in the film industry for having brought these more affordable versions of musical entertainment to the mass market.