Presidential candidates clash over Taiwan's housing problems

Taipei, Dec. 20 (CNA) Taiwan's three presidential hopefuls, Democratic Progressive Party (DPP) presidential candidate Lai Ching-te (賴清德), Kuomintang (KMT) candidate Hou Yu-ih (侯友宜) and Taiwan People Party (TPP) candidate Ko Wen-je (柯文哲) traded blows over housing problems, during the first televised platform presentation on Wednesday evening.

DPP candidate and Vice President Lai accused New Taipei Mayor Hou of not introducing sufficient social housing units in the city since being elected mayor in 2018, while Hou slammed the Tsai Ing-wen (蔡英文) government for failing to achieve its goal of creating 200,000 social housing units from 2016-2024.

TPP candidate and former Taipei Mayor Ko criticized the DPP for failing to curb the country's soaring house prices.

Given the failure of the government to which he belongs, Lai's pledge to add 130,000 more housing units to the 120,000 completed or half-finished units under Tsai is entirely unconvincing, Hou said.

Furthermore, during Lai's stint as Tainan mayor from 2010 to 2017, he did not build any social housing units at all, Hou added.

The New Taipei mayor touted his housing policy proposals if elected, which would allow first-time home buyers under the age of 40 to waive the downpayment if the property is under NT$15 million (US$480,000). At the same time, they are also eligible for government subsidies equivalent to 0.5 percent of the interest rate for the first five years after buying the home and only start paying the full interest in the sixth year.

In response, Lai said that when he was Tainan mayor, his administration opted for rent subsidies instead of building social housing after it determined that the former was the more efficacious policy.

Lai added that New Taipei is in much greater need of social housing, and Hou should look at how few social housing projects his administration has initiated since he took office.

Meanwhile, Ko referenced a campaign promise President Tsai made in 2016, when she observed that housing is people's "most basic need" and promised that her administration would work to realize "housing justice."

However, almost eight years since Tsai took office, house prices have risen continually, he added.

For example, in Taipei, the home price-income ratio is 16-1, meaning that individuals have to sacrifice their basic needs for 16 years before being able to afford a home, he said.

Those who have purchased a home spend an average 42 percent of their income on mortgage payments, which take decades to repay, the former Taipei mayor said.

"Those who cannot afford a home are unfortunate, those who can are even more unfortunate," he said.

Ko also criticized Hou's proposal for first-time home buyers, saying that it would merely add to their financial burden after the five-year grace period.