No Place Like Home Alan Yip lives in Eastern District and Darcy Fung’s home is in Kwai Chung. Typical of their generation, they live with their parents but would prefer to live independently, either in rented flats or ones that they own. Nevertheless, they consider the likelihood of becoming property owners to be slight. What options do they consider?
Co-living Alan “There are lots of unoccupied industrial buildings and revitalization of districts should be encouraged. If the government allowed a change in land use, industrial buildings could be converted into housing. The government could also subsidize owners who develop co-living space and lease flats to youngsters for a relatively reasonable price.” Darcy I would definitely consider co-living either in a hostel or a shared flat, at least for the short term. “I enjoyed staying in a co-living space for two months in Taiwan. If I could have a room big enough for a double bed and a wardrobe, I would be willing to pay HK$6,000-8,000 per month, and I would choose somewhere in Kowloon.”
We had no privacy there. I want to be able to close the door when I go to bed.
Alan “In fact, I think it might be a cool and interesting experience in terms of expanding my social network and living a more independent life. I think a studio flat of 100-150 sq ft, located in the urban area at a cost of HK$3,000-5,000 per month would be reasonable and convenient for working youth. Increasing housing stock is the ultimate economist’s solution to the question of supply-and-demand. Identifying unoccupied land or non-residential property for conversion into temporary living solutions, in the form of hostel or co-living space, may be a quick win for the short-term.”
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