When the medicine does more harm than good

When the medicine does more harm than good
The Central Bank’s lending cap will not open the door to first-time buyers looking for a home, or stop property prices from rising

The Central Bank’s lending cap will not open the door to first-time buyers, or stop property prices from rising

That the recent Central Bank lending rules won’t stop prices from increasing is proved in several empirical ways. Prices still rose in spite of the new rules, and will continue to do so.

Also, price rises have not been halted in other countries with similar rules. A notable nearby example is perhaps Sweden, but in terms of long-term proof Hong Kong is best, because it adopted these rules in the 1980s and has had...

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