Hardly a week goes by without our leaders demeaning ordinary Singaporeans. 'Daft' means stupid. MM Lee said that those who are unhappy with rising HDB prices are stupid - which means most netizens, house hunters for whom prices have risen beyond their reach...and many ordinary Singaporeans are stupid. Very interesting remark especially after the world just had the biggest financial crisis in the past 70 years caused by American banks that believed housing prices can only go up. Housing prices should rise in tandem with sustainable increases in median income. If it rises faster than income, it means that home buyers have to take up more debt to service their housing loans. It does not take rocket science to tell you that debt levels cannot keep rising and at some point prices have to come down. The problem with fast rising property prices is that it is not sustainable and many will be crushed when it comes down.
In 1998, a woman wrote to the ST forum about how she bought a new flat from HDB at the height of the housing bubble in 1996 but end up with a loss of $80-$100K a few years later because new flats sold by HDB in her area had fallen by that amount. Well I think it is really daft to think that property prices are a one way street. Just look at Japan after their property prices rose continuously for decades to hit a high in 1991: