Page 22 - PH Manifesto English

Promise 4: Increase the number of affordable housing for

purchase and rental

UMNO and Barisan Nasional has failed to increase the number of

affordable housing. They promised to build 1 million affordable houses by
2020 but they have not been able to achieve this. Not even half of it.

Today, too many Malaysians, especially the younger ones, are unable to
afford a home. UMNO and Barisan Nasional’s failure to manage the national

housing agenda has resulted in a surplus in the supply of expensive houses

worth more than RM500,000 but a severe shortage of houses below
RM250,000. We will address this failure and prioritise affordable housing.

The Pakatan Harapan Government will widen the rent-to-own scheme
nationally. We will actively look for a consensus and cooperation with

commercial banks so that a rent-to-own scheme can be introduced by

private developers as well in the secondary market. Under Pakatan Harapan,
those who are now renting will be given the chance to migrate to a rent-to-

own scheme if they qualify.

One of the main reasons for the high house prices is the difficulty in

developing new lands, especially after several giant developers, including
some GLCs, who monopolise land to build their private land banks. Worse,

they do not build on these lands after acquiring them. They simply hoard

the land. As a result, land prices surge, contributing to a surge in property
prices. Smaller developers also find it difficult to compete with the giant

developers.

The Pakatan Harapan Government will set a time limit within which the

companies must complete their constructions so that no corporate giants
can hoard land banks without developing them. Incentives will be given to

the smaller Bumiputera and non-Bumiputera developers so that they can

compete with others on a level field.

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