Singapore has abruptly jacked up the buyer’s stamp duty on houses, in a desperate attempt to suppress skyrocketing residential prices: 10% on every house for all foreign buyers and companies; 3% for permanent residents buying a second or subsequent house; and 3% for citizens buying a third or subsequent house. (This comes on top of the seller’s stamp duty, which can run as much as 16% for anyone who flips a house within a year of buying it.)
Meanwhile, real interest rates in Singapore are still -5%.
I can suggest a more effective way to control house prices: RAISE THE FRICKIN’ CASH RATE.
Meanwhile, Alameda County in California has the opposite problem: an oversupply of foreclosed houses has sent prices into a five-year-long tailspin. Adam Savage and Jamie Hyneman – between them, more than thirty years of special effects experience! – have come up with an innovative solution to the oversupply problem. Explosions are involved.