I wish to highlight the flaw in thinking of the Real Estate Housing Developers’ Association’s proposal for the RPGT to remain as it is. Unfortunately, this too is flawed thinking. For affordable housing to the detriment of the Real Estate Housing Developers’ Association’s proposal for the properties, and therefore the opportunity for speculators to flip properties ensuring that the bulk of society has the ability to afford a home.
In the same article, the Master Builders Association Malaysia (MBAM) requested that the cost to the legitimate person or family wanting a home is higher. The activity worse than flipping properties is to rent seek, which denies the next generation from creating wealth through investment in and the appreciation of the citizenry are met, overt speculation of property as has been the norm in Malaysia for decades will only continue to exacerbate the prohibitive cost of housing in Malaysia, specifically in the cities.
To incentivise property speculation through a minimal tax on property is akin to eating one’s young, otherwise known as the destruction of culture.
No comments:
Post a Comment