Interior Minister Chen Wei-zen says the government will take steps to lower housing prices.
In an interview with the local media on Monday, Chen admitted that it’s impossible to bring down housing prices to an acceptable level overnight. However, he said the government will offer subsidies and build affordable public housing to help the disadvantaged and the younger generation in the short term.
A survey released by the interior ministry shows that average housing prices in Taipei are about 15 times the average salary. That’s the highest ratio in the world. Chen said a two-pronged task is needed to tackle the problem in the long run.
“On the one hand, [we will raise taxes] to curb skyrocketing housing prices," said Chen. "On the other hand, [we will] boost the economy to increase incomes. Only by making efforts in these two areas will it be possible.”
Chen said that an imbalance in the development of urban and rural areas also helps explain why young people in Taiwan cannot afford to buy apartments. To lower housing prices and alleviate overcrowding in big cities, Chen said the interior ministry has mapped out a plan to get young people involved in ecotourism in rural areas.