An older managing director at a large bank complained of the struggles of the middle class. When I asked him to define “middle class,” he spoke of people like him, earning between two and four million dollars a year. Young analysts told me they were being priced out of Brooklyn, much less Manhattan, by rising hedge-fund plutocrats and their ilk.
New York based writer
Somehow, I tot of the PAP’s reasoning for the need to pay ex-SAF generals and ex-civil servants millions when they become ministers.
For some reason I tot about the PAP’s changing definition of affordability for HDB flats. Once upon a time it took only up to 10 yrs (Correct me if I’m wrong) to pay off the mortgage, now
The maximum loan repayment period is 30 years *. The maximum loan repayment period for HDB loans is 65 years minus buyer’s age or 30 years, whichever is shorter. The maximum loan repayment period for loans taken through financial institutions is 35 years.
https://www.cpf.gov.sg/eSvc/Web/Schemes/FirstHome/Assumptions
Sad.
Note: Text after quote changedtwo hrs after publication. Sorry, “Writer’s block”.
