"unfortunately, in our city housing has been seen as a commodity..." Yeah, we're seeing this attitude spreading around the world. A house is no longer a home; it is an investment.

I feel terrible seeing him just be in an apartment that small.

Housing prices are unlikely to significantly decrease until there's a substantial increase in housing supply. In the USA , there's a shortage of millions of housing units, and construction isn't keeping pace. The constant demand for housing, coupled with population growth, means that even a slight price drop attracts numerous buyers who quickly absorb the available supply. I'm considering purchasing affordable houses in 2024 and possibly venturing into stock investments. When is the best time to enter the stock market? Some people say it is profitable , but others say it's risky. Any advice?

As a Hong Konger, I approve this message. The only thing to be glad is even if you’re still living with your parents when you're close to your 40s, no one would even try to question why. What a life.

In Hong Kong 1,9 million USD gives you 100 sqf apartment or we call it "shoebox apartment". In Wyoming, you can build a mansion, with ranche and stable for your horses with the same amount of money.

I know a guy who moved to Canada from HK due to the political unrest. They owned an apartment in HK and sold it before leaving. They were able to buy a really nice 4-bedroom house in Canada with the money from the sale with extra cash left to help them settle down.

As a HongKonger, it just sucks to see ppl living in tiny spaces like this. Everything is just so expensive here. Most of the private residential parking space literally cost more than 150k usd each.

This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!

Really brought home how bad the situation is when the guy at the end expressed gratitude for simply having enough space to stand up inside his shared apartment.

Damn. I live in a castle compared to this man. Count your blessings.

This video was very eye opening. I have a comfortable living space that has everything I could possibly need yet I had the audacity to complain about how I didn’t like it’s overall style. I’m counting my blessings right now. Hopefully the living condition in Hong Kong improves.

When things become so disproportionately unfair, one word can explain it all: GREED

The sad part is that the salary does not follow up the rent

Housing is incredibly expensive in Hong Kong, most vulnerable elders even stay out in parks all day and night and just go home to sleep because of how cramped their homes are, search cage homes in Hong Kong

A common phrase Hong Kongers say is: “You cannot even afford to die.” (Bc even graveyards for just an ash box are way too expensive)

You can’t afford a house: Panik You get earn a lot of money : Kalm You’re in Hong Kong: Panik

Just a reminder to be grateful for what you have

What a world we are living in!

HongKonger here, I'm incredibly lucky that my retiring parents have bought (10 years ago, the price has almost tripled now) and fully paid off our 500sqft apartment (considered "reasonable" for a 3 person family and becoming increasingly "above average" with the appearance of under 300sqft nano-flats in newly built properties) so at least we have a roof over our heads. I cannot say the same for many of my "sandwich class" friends who are extremely concerned about their future because their close family is not fortunate enough to own or fully pay off a home. It saddens me when I see comments advocating for "just work harder" or "it's on you if you can't afford it" when the down payment alone for a reasonable family home is tens of thousands in USD - not to mention the decades to come being chained to pay thousands (USD) monthly. Housing prices have more than tripled since 2000, but salary has only rose by ~1.5x; many have lost their jobs completely during COVID, housing prices merely rose slower.

"we are the lower rank, the bottom of society." .....the despair....the sadness...the cruelty...

that $1.9 million apartment is literally smaller than my apartment, which is like $600 rent. feeling blessed rn-

Man this situation is ridiculous , we live in a world where people feel lucky to be able to stand in their room and the government doesn't give a f*ck about these people

For those saying " why don't you move somewhere else? Another City?" Hong Kong runs a " one country two systems" scheme with Mainland China, we have our own separate governments, so moving to another city isn't as easy as you think. Due to political reasons, a lot of Hongkongers, especially those with children, are looking to leave or already have left the city, because they know that there is no space, no good education nor a a good government to run the city. The families that are immigrating to other countries are of course all mid or high income families. Hong Kong's average salary is 2400USD a month, and minimum wage is 4.83USD an hour. There is also no tips in a lot of places. It's not as easy as you think to move to another place.

It's also very sad that people get used to what they have and give up their right to make a change. If I were them, I'll get the hell out of there. But it's always easier said than be done.

As a Hong Kong citizen, recently I watched a local documentary about the uprising of capsule housings and conditions in there are apparently smaller than the minimum required area for prisoners in HK. There is a man who got used to living in capsule housings and grown attached to being in them...Meanwhile, my father who around 2 years ago bought an apartment after a decade since selling our old one estimated himself to still paying installments even after his retirement...I simply cannot see myself in another 10 or 20 years becoming a slave to paying installments for life.

I came to say ‘oi, sure it s bad there, but it ain’t heaven in London either’. Then I saw the old man speaking of feeling lucky due to ability to get up. Now I say, London is a goddam heaven to be. Alltho I pay half my salary for 20 squares, i see I m nearly as privileged as the queen herself.

As someone who had lived in Hongkong for several months and had gotten a very small place even if my pay is a bit above average, this is the real condition and situation there.

Singapore is smaller but fixed their housing. The “free” market for housing is a sham

This video never addressed the fundamental reasons of why it’s so expensive. Hong Kong is a low tax business haven thus public governmental budget are greatly drawn from the auction of land. Thus, the government must a) keep land price extremely high to produce income and b) land is a limited resource so they must not sell too much as it will eventually tun out (ie. why they keep trying to make reclaimed land and c) with so much of the wealth tied into investment housing, making housing “affordable” would greatly impact the wealth of the top 1% who paradoxically hold the most political sway via “donations” and special interest groups

Imagine paying $1.9 million for a 500 sq ft apartment when you can get a mansion in the states

As a UK citizen I’m embarrassed to encounter more and more problems in the world due to English colonialism

Short answer: Extreme capitalism, Real estate oligarchy. Very short answer: Li Ka-Sheng

As someone from Hong Kong, I can confirm it’s ridiculous.

I’m from Hong Kong and thank you for making this video Business Insider 🙏🏾

New Yorker: Our real state is most expensive Hong Kong: Hold my hongkong.

An acquaintance I know lived in a tiny flat in Hong Kong. It was a bigger flat subdivided into three. It was absolutely stifling. The city was stifling too because you were always walking shoulder to shoulder with the crowd. It was a nice trip but I'm glad I don't have to live there

I remember going to hk with 4 of my friends and renting a hostel room. It was literally a king size bed+ bathroom. If you're going to the bathroom everybody has to lie on the bed or they'll be blocking the way. It was fun because it promoted togetherness but i think we'll strangle each other if this was a long term arrangement.

This is why some of us living in HK would rather have a lower salary to be eligible for public housing (especially ones who belong to low to average middle class) it’s just impossible to get a decent apartment even if you are getting paid hk$20000 (about us$2500 I think) a month

Meanwhile I live rent free and complain about sharing the kitchen with my parents

Someone i know who is in his early 40 and who can never afford a single unit but has inherited at least 5 properties from his parents in HK this year. From nothing to a multi-millionaire. He is such a lucky man, more so to his wife and children. Btw, he will inherit another property in UK in future too. I also know other who are married with kid but still have to live their their parents. What a big contrast!

this really puts things in perspective. im so grateful for the space i've been allowed to live with.

billionaires like Li Ka-shing own tons of empty land in New Territories etc. but they don't want to develop housing... fewer supplies mean a higher price for existing housing. And they played pretty well at creating diversions through their media that led Hong Kong people to blame the Hong Kong government and central government for the crazy living conditions while ignoring who is really behind

She paid 1.9 million for a studio apartment! Wow 😑

My childhood friend moved to Canada from Hong Kong, and they went from the smallest flat to the nicest, biggest house in their neighborhood.

At that point, it makes more sense to live in a RV using solar power and just camp outside of the city. Never pay rent while saving to leave the country.

This is just super sad... I pay USD$690 for a 1 bedroom apartment that is 10 TIMES the size that this man is paying $360 for, and I live downtown in a city of a million people in Edmonton, Canada. :(

I went to Hong Kong 2 years ago and this isn't surprising. You can see a lot of packed housing area everywhere

The fact that any country can knowingly let their own citizens live in homes like this is absolutely deplorable. Then to later have gentrified versions of this for tourists just makes it worse.

Vox did a great video that goes even deeper into the housing crisis in HK

The projects done changed😳

what a pity , it's just outrageously expensive and drives all the people there insane! But, why are they so rich to buy residential properties there for those who can buy?

Wow. Great info.

"Thats a fourth of a parking space" damn...

in my Country Houses are not expensive like this🇰🇵💖

30 years ago I lived in an apartment in the Mid-levels of Hong Kong. Great view of the whole city. Over 2600 square feet. Nice patio. Probably worth a couple million US dollars back then. I can’t even imagine what it is worth now.

As someone from western Canada it sounds very similar. Crazy housing prices and lots of empty houses. Making things impossible for the people who live there. Vancouver is not far behind Hong Kong.

The government knows the importance of maintaining the beautiful nature that surrounds them.

Man those houses are so tiny...i would be surprised if someone has clusterphobia in those living conditions. This should really change

High property price in Hong Kong is actually a compensation of the low tax. As the tax rate in Hong Kong is very low and the system is very simple (we don't have VAT, property gain tax, alcohol tax for under 30% drinks, inheritance tax…). Therefore, a large portion of government income is from land auction. The recording high land price is actually kind of allowed by the government. The good side of this is the low tax, but it keeps many people from living humanely too.

That $360 a month for the 30 sq ft 'coffin homes' rent is surreal. There's a house currently being rented across the street from where I live for around $400 a month, and for that money you'll get a 2100 sq ft property, 3 bedrooms, running water, full air conditioning, enough parking space for 2 cars AND a backyard. Fully furnished too. Heck, my rent back in college was $75 a month for a 250 sq ft single bedroom, a bathroom, full AC, and free wifi all year long. Suddenly I feel blessed.

Jesus Christ that's terrible. $2 mil in hong kong gets you some single floor apartment that's 1/5th the size of my house and I only paid $320,000 for it...

hong kong is a refrigerator, so thats why its so expensive.

Imagine being in quarantine in those small apartments...

Pricing in HK is very dependent on the specific circumstances of the dwelling. Well serviced areas are very expensive, but more remote satellite towns are far less expensive per unit area. There is a very small percentage of people with no dwelling so they tend to be seen in small scale when they set up in metro tunnels and bridges. HK has mild weather, so living outside is no where as bad as say London or San Francisco. A recent SCMP article has a great multi-layer graphic to reveal the design of some of the Divided-Flats.

I love my bathroom from this moment

Hong Kong renting is more expensive than singapore 🥺

so touching for an excellent video

Great video its sad how some people have to live but this greed is spreading all over the world now even in my own little hometown Dublin Ireland investments funds all buying most new housing off the plans giving young workers almost no chance of buying

Housing in Hong Kong was and is still a very good investment as the prices keep growing, it is true that the prices reached to the point that the population in poverty line aren’t able to afford them. But it’s not only the lower-class people suffering, but it’s everyone who’s living in Hong Kong, middle-class people are usually able to afford around a 100 square metre apartment (5mil usd)(we used to live above Elements)but have to take a 30 year loan, and you also have to pass a strict stress test which requires your income to be double of what you’re paying for your debt each month. And imagine sharing a 100 square metre home with your parents, siblings, and a maid, you’ll just run out of space and start dreaming about migrating to somewhere else.

Dang , after seeing this we say it cost alot to live some places and it cost way more other places lol.

1:25 heartbreaking situation.... but he obviously isn't worried about anyone seeing his 'toy' lol

Here in Reno, NV I was house shopping and the wait list to buy a house is over 100 people long per house! The realtor also said on average price hike on a home is 5-10k a month! This is insane!

I can attest to this. I have lived in hong kong for 10 years. I pay almost HALF my monthly salary for rent in a 450 square foot one bedroom flat.

As a kid my family could never own a house and it was hard but even we had a bigger place to live; I feel bed for Hong Kong people 🥺

In my country, a 100K House could get you a big house (mini mansion) and you only need to pay around $100 - $1K per month..

We wana see more like this 💯💯

That's sad😔 Hopefully things get better for everyone !!!

So were all just gonna pretend we didnt see the fleshlight and lotion right beside his bed at 1:27

Wow that really was a nice patio. I’d love something like hat

At least I can turn around on the bed...and stand up in the room...I feel quite lucky now..said the elderly gentleman....heart wrenching.. the disparities in incomes.....as with so many other things in this world, never fail to surprise... thanks for sharing....

As always, the government is at fault. Artificially inflating prices by lowering supply.

I never felt so broke while traveling in others asia...until I went to Hong Kong lol

you could buy 4 or 5 houses in canada with 1.9 million$ which means your could live in 1 house and have the other 4 houses for people to rent or put a mortgage on it SO YOU COULD LITTERALY JUST SIT IN YOUR HOUSE ALL DAY NOT WORRYING ABOUT MONEY this is crazy

Architects must be so expensive there, I want to work there :)

I live in Hong Kong and many buildings aren’t renovated and extremely old and still being used for people to live in or used to become shops. It pretty dangerous cause the structure isn’t as stable anymore plus the hygiene isn’t good. Really hope the government will do something about this it’s terrible for the people that have to deal with this!

I can see why moving to the UK would be an appealing option

These are very good people and they deserve the best in my opinion..Thank you for posting it..

What this story doesn’t tell you was in late 90s, the Hong Kong administrator at the time tried to develop the land so the city can build more housing for the increasing population. Guess what, the city representatives elected by people all voted against the development because they have good relationship with development moguls (control the supply) and existing home owners don’t want price decrease. Younger Hong Kongers really have nobody to blame except their own parents older hong Kongers.

I live in Brazil and here we have so many problens, but not like this, we have a lot of space! i dont want to complain aboult my life anymore, i know that exist so many ppl in worst condition out there

Its so disturbing. But the city looks so beautiful.

4:58 looks like its a GTA map.

Basically the savings you make every month can't catch up the flat price rising every month

HK government: I refuse to cut trees and release land. HK citizens: fine, I’m cheaper than trees.

Thank goodness flats in Singapore are not similar to Hong Kong's !!

So moral of the story...be proud whenever you have been

The video should have also mentioned that the government and its close ties with MTR (metro) is the one of the major causing factor in artificial demand. In short, all lands in HK is sold by the government, and they sell it only when a metro station is planned to be built there, significantly raising the land prices, and housing developers increase the cost of apartments in return.

Many believe one of the major keys to success is waking up early each and every day. Having a head start before everyone one else and being on step ahead at all times and fully prepared. When others are still sleeping you are already working. ⁣

Why is nobody talking about Cruptocurrency at this moment? It's on a bull run and a lot of people are defintely gonna miss out

OMG I never thought that I am lucky enough. Hong Kong looks so outdated. I think they cannot rebuild an apartment like South Korea or any other countries. When it comes to South Korea, Korea is so much modern because they keep on renovating old buildings and develop out dated areas as their plans. When I went there, I was so impressed how clean it was and modern and so beautiful cities over there. However, I also want to visit Hong Kong as well.

They should make this video for Toronto as well.