Monday, February 13, 2017

Hong Kong residents squeeze into ‘coffin homes’ as housing crisis worsens...

The high rents in Hong Kong are forcing some of its seven million people into so-called 'coffin homes,' or 20-square-foot cages just big enough to lie down and hang a few shirts and pairs of pants.

Over the past five years, rental prices in one of Asia's wealthiest cities have increased nearly 50 percent, reaching an all-time high. The average price per square foot in Hong Kong is slightly lower than New York City, hovering at around $1,380.

Hong Kong was recently named as the most unaffordable major housing market in the world.

Officials acknowledge the housing problem and have pledged to build 280,000 additional public homes and 180,000 private homes by 2027.

Hong Kong's chief executive, Leung Chun-ying, has called the housing crisis "the gravest potential hazard" to society, as only seven percent of the city's land is zoned for housing. Full story...

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