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Singapore firms scramble to soften blow of soaring rent costs

8 Comments
By Chen Lin

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Who wants to live in Singapore lah? From East to West it takes only 30mins by car. It is like living inside Yamanote-line your whole life. Even if you have the money, it makes you crazy. And all the Singrish will make your head spin, mah!

3 ( +3 / -0 )

The price of mass immigration. The population of this tiny and overcrowded island has doubled since 1990 -- back when people complained about the crowding!

Glad I live in affordable Japan, whose immigration policies are considerably more sensible.

-2 ( +1 / -3 )

The price of mass immigration. 

Here are the statistics for Singapore's Total Fertility Rate. At 1.244 it is the third lowest in the world, fourth if you count Puerto Rico as a "country". To get an idea of how bad this is it means that only one baby is born for every 3 1/2 living Singaporans. Without immigration the country dies. And that, btw, is what happens to Japan and South Korea if they too do not encourage immigration.

1 ( +2 / -1 )

Oops, forgot the link for Singapore's TFR

https://www.macrotrends.net/countries/SGP/singapore/fertility-rate

1 ( +2 / -1 )

Glad I live in affordable Japan, whose immigration policies are considerably more sensible.

Hope you have an exit plan to somewhere with immigrants or your old age will not look too good.

1 ( +2 / -1 )

@Taiwan

 

your old age will not look too good.

Why not? Japan funds its pension system in a currency it can print at will, and it's a currency that doesn't get eroded by high inflation, as the real world events are showing. Ask the foreign tourists now arriving in huge numbers. "Most affordable first-world tourist destination" is what Japan is being called.

By contrast, my hometown -- Vancouver is aka "the world's least affordable place." Not a great place for those on fixed income to put it mildly. Full time working middle class people now need public housing, thanks to the influx of multi-millionaire foreigners who have driven up the price of housing over the past couple of decades. Vancouver made the same mass-immigration mistakes that Singapore has been doing. Policies that favor foreign millionaires at the expense of lower and middle-income locals.

@Tortoise

Here are the statistics for Singapore's Total Fertility Rate.

The problem with predictions based on demographic calculations is that they're usually wrong. Most of them that I learned as a school student in the 70s and college student in the 80s turned out to be laughably wrong, as time has since revealed. Remember "the population bomb"? LOL. Earth was supposed to have run out of food a while back, as I recall.. I was born right after the end of the baby boom, and an econ prof told our class there would be a bonanza of jobs for our generation. After I graduated, the regional jobless rate was double digits and stayed that way for quite a few years afterward. Not a bonanza but a desert.

1 ( +2 / -1 )

The problem with predictions based on demographic calculations is that they're usually wrong.

Generic statement.

TFR is a real indicator of potential population growth or decline, but the effects of TFR (be it low or high) are seen a generation later, by when it's too late to fix the problem.

Singapore's demographic problems are already visible to anyone who visits for even a few days. Some folks will only focus on the visible number of foreigners employed in construction or basic services like garbage collection or bus driving, but those are the jobs that locals don't want to do. Just take a look at the number of elderly people cleaning tables at the food courts. Or their elderly cab drivers.

Singapore has been encouraging people to work into old age to offset their immigration policies which have tightened in recent years, and it's obvious that they need tax payers of working age to make up for their ageing and elderly population.

They have no choice but to bring in foreigners by positioning themselves as an attractive destination for high net worth individuals escaping chaos and high tax rates in their respective countries. The side effect is sky high rentals.

-1 ( +0 / -1 )

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