Earlier this year, Hong Kong ranked as the world’s least affordable city to buy a home for the seventh year running, according to the U.S. Demographia International Housing Affordability Survey.
“The younger folks have to stay with their parents even at the age of 30 something, because they have no place to set up their own family. And the original flat [with their parents] is already very small,” Bishop Michael Yeung of Hong Kong told ucanews.com.
The 71-year-old bishop further pointed out that young people in the city don’t have the space to raise a child and have a proper family life which is affecting society.
“We have high-rise buildings in Hong Kong but they’re mainly bought by mainlanders with cash. But lots of people in Hong Kong are just in a ‘coffin flat’ and it creates a lot of problems,” Bishop Yeung said.
The bishop believes that a sole focus on economic growth will not solve the problem. [More]