So if i am translating it right:
- Removed interest-only loans that usually serves flippers & speculative investors.
- Added additional taxes for properties sold within 1 year, and later increased it to 3 years.
- Increased down payment requirements.
- Added taxes for foreigners.
- Reduced DTI
- More taxes.
Most (may be all) of the measures can’t be implemented in USA because Americans view property as private transactions that government can’t interfere. In Singapore, property transactions have to be registered with the government and have to pay stamp duty And, Singapore control all banks tightly Remember Singapore is run like a corporate, aka Singapore Inc. Because of that Singapore government has many ways to control property:
a. Supply of land
b. Permit of construction
e. Memo to banks
f. Stamp duties
h. Supply & pricing of public housing
i. Direct influence of interest rate
j. Transparency of prices and supply of past transactions and future supply - Easily accessible
So, why doesn’t China do some of the same, if it is so concerned about escalating prices in various hot spots?
Mountain high emperor far away.
Singapore is small. China is vast. Central government couldn’t effectively control the local government.
I am not sure if USA can’t do the say. It may not, but it can easily do it.
Stamp duties -> Transfer taxes. Property taxes.
DTI/Down payment: FANNIE MAE & FREDDIE MAC can tighten the lending standards. Banks sell loans to them. IF they don’t buy, banks won’t lend.
Taxes for foreigners: sounds doable, still.
One simple measure, Prop 10 rent control go through tons of debate and then votes. Repeal of Costa Hawkins, need so many debate. In Singapore, no need debate. In USA, by the time the decision is agreed upon, market conditions changed. The most powerful influencer of housing in Singapore is the public housing and control of land supply
Property rights is what America is all about. The government controlled system is fascist.