Lawrence Wong and his colleagues do not understand that the public is emotional and illogical. Also it is a fool's errand to try to level with their minds when it is the hearts that is ruling. On top of that the public think it is rational. Good luck.
Of course the HDB flat on 99-year lease was sold to us. If the flats were always appreciating in value, people will consider it an asset and owners. If it at any point it stops doing so then isn't. Buyers of BTO flats definitely do not consider themselves renters but will joke about it as 99 years rentals.
Every magic pill if given enough time becomes a poison pill. Too bad in politics you haven't understood this and have prepared new magic pills. Now I can see them trying very hard to turn poison pills into magic pills again with HIP and VERS. You just have to be creative with the national finances knowing that perception is reality.
Update: Sep 5 6:20 am
Yes, the value will never drop if we are even more successful that we are today. Also if we are even less successful than now, not only will the value of old flats fall, even new ones will be sold at a bargain. That was the most important point in LKY's message. The prices of our flats is the measure of our success spread around. If the prices are high it must be accompanied by our young earning far higher incomes than they do now, which is not the case.
We were promised great, the best government but we only got the good or compared to other countries, the least worst. So the promise "Your HDB home value will never drop" could not be kept.
The government can solve this problem fundamentally but it doesn't know how. They will be forced to used clever financial engineering to redistribute wealth and various indirect taxes to keep the value of our flats up. The highest political cost to them will be meted out if they fail to do that.
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