| Taiwan, similar to many other developing or newly-developed countries which have focused on export expansion, has experienced significant economic growth over the past four decades. Along with economic prosperity came a high demand for land, which drove land prices up dramatically. Home ownership for low-to-moderate-income households consequently became increasingly difficult. Reduced housing affordability has been partly responsible for the social instability in Taiwan.The purpose of this study is to illustrate the interrelationship between housing tenure patterns and government political ideology, accessibility of housing finance, orientation of housing subsidies and policy continuity in six studied populations, i.e., the United Kingdom, the former Federal Republic of Germany, the United States, Singapore, South Korea and Taiwan. A comparative case study method is employed in this research for the comparison of similarities and differences of housing policies and resulting housing conditions in these six countries.Conclusions of this comparative analysis suggest that there is no specific housing policy that is perfect for every country and that a high home ownership ratio does not necessarily equate with a successful housing policy. Housing policies that a government employs should respond to the prevailing housing conditions. During normal periods while the market is able to perform its role, weak-form intervention may be adopted to assist those who otherwise cannot house themselves. On the other hand, a more political approach may be employed during extraordinary periods when acute shortages, price escalation or low affordability are encountered.This study finally recommends that Taiwan may engage in reforming housing policies under two scenarios. One deems that affordable housing is a national priority and requires comprehensive government intervention in the housing market. This requires land acquisition, social-security saving funds as housing finance, and the restructuring of public housing. The other emphasizes supplementary government involvement with relatively less resources allocated to the housing sector. Such approaches as ending preferential taxation for home ownership, enhancing rental housing markets, and integrating mortgage markets with financial markets provide examples for the strategy of supplementary intervention. |
