Economic Anthropologist Proposes Singapore-Inspired Model to Curb Housing Speculation

In a recent discussion, Dr. Jaime Palomera, an expert in Economic Anthropology and author of 'El secuestro de la vivienda,' addressed the escalating issue of housing speculation, drawing comparisons with Singapore's housing policies. Palomera highlighted a significant disparity in the housing market, stating, "A house bought in 1970 is now selling for 47 times more." He contrasted this with Singapore, where, he noted, "housing is simply sold at a price that is in line with the cost of living, with inflation." Palomera proposed a two-pronged approach to combat speculation and ensure housing accessibility. He advocated for implementing taxes on individuals who acquire multiple properties for speculative purposes. Simultaneously, he suggested providing fiscal assistance to those purchasing their first home, with the crucial caveat that these homes cannot be subsequently used for speculation. "If you want to buy a home, a young person or not so young, a person who needs a home and is working hard to pay the down payment, I help you. I do give you tax aid," Palomera explained. Conversely, he asserted, "But if what you are doing, you already own a house, even a second residence, and what you are doing is accumulating houses, then I am going to tax you." He concluded by emphasizing that Singapore already employs such measures, ensuring that "everyone has at least one home."

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