Dark Side of Hong Kong: The Real Life Dystopia
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- Опубліковано 31 жов 2022
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This is Hong Kong. The financial capital of Asia, a place filled with incredible wealth and home of more ultra-high-net-worth individuals than any other place on the planet. But Hong Kong is also a place where every fourth person lives below the poverty line, where the elderly are forced to scavenge for waste just to survive and where hundreds of thousands of people live in the urban hell of so-called cage homes. So, how did that happen?
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I am originally from Hong Kong, but let’s clarify one thing here. Cage homes are the extreme of the extreme. They exist, but tenants are mainly elder single men who either have no or very low income to rent anything else. Subdivided homes are another thing. Think of them as mini apartment units within a larger flat with their own plumbing.
yeah i feel like he went on with 2 main points to back this video but they are more nuanced than what is presented
In the USA its street tents! Is that any better?
@@creationfied That's what every single dark side video on these channels. They take the extreme and say it's normal.
@@Asian_Connection That's pretty much the extreme just like the op said. HK also has people sleeping on the streets and that's also to the extreme.
Don't justify hong kongs human misery caused by greed
I’m from Hong Kong and live here. A USD 600k flat is considered very cheap. The smallest down payment you can make is 10% but the interest rates on such “cheap” mortgages are obviously higher. The average wage here is around USD 2k per month. So you do the math(s). 30 year mortgages are a norm among those who can afford it, which means they are overpaying for such small flats.
And the average waiting time for public housing is 6 years. Many people wait far longer than that, which is why so many people are living in subdivided flats.
The worst value for money in the world by far.
No one calculates income by average. It’s median
You really think a median monthly income of "HKD 27500" accurately reflects salaries in HK?
I used to live in Shenzhen, so visited HK many times. Its quite a strange place. I have considered opening an office and living there, but the cost is outrageous. A 100 sqm office would be something like 5k usd/month minimum. I really don't know how small businesses survive. I personally believe that the riots from a couple years ago were more a result of civil unrest from the living conditions, rather than any influence from China. It was a good rallying cry, but really, they are just very unhappy and anything could have triggered it.
Hong Kong is just an in-your-face reflection of the world we live in.
It is a corporation’s utopia. Investors control all the commodities and the working class lives like sewer rats
Income disparity is so obvious.
Hong Kong's housing situation are the problems of: 1, the Hong Kong government bow to the pressure of the rich families. 2, the representatives elected by the people are not passing laws to help resolve the housing problems. 3, a few rich families in Hong Kong basically controls the real estate market.
Sounds like a maffia state lol i’d get the f*ck out of there
no, basically no representatives are elected bh the people after 2021. Originally only a half of legislators were elected
@@keepwondering_ it being controlled by the PRC, what else did you expect for it to be
🤣 the people will only elect what's presented to them. Theses people will still be picked by the same capitalists that have ruled over the area. The only way reforms will happen is if legislative steps are taken to stop this non-intervention approach, but which politician is brave enough to fight with the purse?
They are not controlling the real estates... they are controlling and trying to hold tight the HK dollar... which we know why they are trying to do that.... So..... We know. We know.
Long story short. I’m born and raised in HK and I can tell you that it’s worse than hell if you’re broke.
@@besmart2350 It’s an area where capitalism is off its leash. Negligible social programs at most. Pe
At least u got food, clothes & transports. Yes living as hell but what ya expect?
Same with most major cities, bro.
@pyeitme508 you sound so callous
@@canto_v12no not for many major European cities like in my country in Sweden. China has the second largest population of people in poverty in the world
This is sad man. I can’t imagine how hard it must be for the elderly folks and ppl with kids. The “cages” are inhumane smh
is your country better?
@@besmart2350 it’s not hard to be better than this😂 at least if you’re from western world
Usually in cage homes，it’s mostly middle aged people with no family so they can’t send them to nursing homes (where the conditions are cramped,like 20 people in a same room with only beds and the neglected)
But aren’t many cases of children or families in cage home though,but they are still in cramped coffin homes
@@keepwondering_ Philadelphia has more ppl living on the street than ppl in hk living in cage homes
@@bananaboy1026 I don’t know what’s worse, living in a cage or living free on the street🤣 i would chose the US anytime over a country like this tho. I’m from the Netherlands and we dont have things like this going on so maybe its easy to say, but i feel like in the US you actually have chances to become in a better situation. Free economics are essential
This is when capitalism, small government, big society goes extreme, The trickle down economy never happens.
Trickle down economics is a myth anyway
@@danielmitchell940
Yet the left still actively practices it.
Wrong. This is not 'extreme' lol. Also, while the trickle down may not be any formula, without those policies, Hong Kong would be nothing but another city on the chinese coastline, not having this standard of living or enjoying the freedoms that it did until the takeover happened. Keep confirming biases though, it is the most addictive feeling.
Which country does Hong Kong belong to again? Right, the People's Republic of China, ruled by the Communist Party.
in the opposite we have chine with communism thats all its fine gimme a break.Its not about the economic system.Its about the rich, they have the controlled of everything
I was born in Hong Kong and live in Hong Kong.
But I can tell that Hong Kong sucks, Stressful life and limited chances to get higher social economic status making me feel suffering. I have a master degree and a professional job.
It is quite impossible to get rich by hard work. Hong Kong Govt and society give many benefits and resources to elderlies to earn their support in votes, while they give up youths and teenagers' future literally. Those who are in middle class or upper class just care about their own benefits and money.
No freedom of speech, working every day like a robot, no future, no hope. Poor living environment and extremely competitive society give me Depression and GAD.
Sigh, just like the lyrics in "Mad World" from Tears of Fears.
Then go to an other country if it makes you feel bad mentally!
@@kailidovas9562 Those that can afford to, do. Vancouver and Sydney are filled with HKers that made it out.
@@castorchua Vancouver and Syndey arent the only places in world and i dobt like them!
A developed country is Norway and if he wants to live an free life i recommend greece(the salary is not that high in greece tho?
@@kailidovas9562 Vancouver and Sydney just happened to be the cities with the highest quality of life that you can basically buy your way into. Scandinavia might be the best place in the world but try getting in there.
Freedom of speech is a false flag--it doesn't relate to any of your problems. Widespread unrest will always degrade freedom of speech, time will fix that as the threat subsides.
As a HKer living in the US, I want to assure you that it is quite uncommon to get rich simply by hard work. It's the same everywhere. The problem with major cities is that its economy relies on global money. That means foreign and mainland investors are unfairly competing with local residents for local commodities like housing (it has always been this way even in colonial HK, just that proportionally more Chinese money exists today than in 1990).
The difference with HK is that it has closed borders and people cannot move out (unless you emigrate to the mainland or another country). In most other countries, such as the US, people who cannot afford the city simply move to a cheaper, less developed area. Still mostly the same laws and same language. This option is largely unavailable to Hong Kongers, which is one major source of HK's land supply problem. There are no "other cities" to absorb HK's outflow so we are all trapped like a pressure cooker of overloaded capitalism.
I've lived in Hong Kong for 7 years and directly witnessed the events that led to the protests and subsequent national security law. This video is for the most part a decent snapshot of a few macro details about HK but perhaps misleading about some of the finer points. HK is losing its position as the financial hub for Asia for a myriad of reasons, tighter gov control only being one of them. But it was losing that position already years ago as HK no longer represents quite as significant of a source of income for mainland China, as China's economy has been growing immensely for decades. So to say that "Hong Kong's position as Asia's main financial center is slipping away, since China has abandoned the principle of One Country Two Systems, and since it has been exercising ever tighter control of the city, and taken away the freedoms that Hong Kong used to have..." is reductionist at best and inaccurate at worst, because it lays ALL the blame at the feet of China's control without taking into consideration any other factors.
It's also important to note that while the national security law and cracking down on the right of assembly have certainly had an impact, COVID hit concurrently with those changes, and has arguably had a much much larger impact on the economy and people's prospects for financial prosperity, but that wasn't mentioned in this video.
典型的西方白人角度
@@user-hb9jq7wb7l is it? Most of western media (including this video we’re commenting on) places the blame entirely on the CCP, which is why I made my comment as a counterpoint to that angle.
Obviously China’s tightening of control over HK is having a huge impact, but so are many other things.
The CCP is singlehandedly responsible for the downfall of HK... don’t let anyone tell you otherwise. COVID you say? And where did that come from, and the draconian rules surrounding it?
I also live in Hong Kong but spend a few months also in both the US and China. I've stopped commenting because the world is now polarized with people who only know one narrative sticking to that very narrative. There is no dialogue but recalcitrant condemnation that come from keyboard warriors who have no firsthand experience or knowledge. But you keep up the good work.
@@johnlacey3857 Nope
I enjoy very much the irony emanating from the contrast between the smooth voice and chill music on the one hand and the disheartening content and gloomy mood on the other.
So what exactly went “wrong” here? It sounds like everything went exactly as it was supposed to, and everything you described-overpriced caged homes, destitute grandparents, concentration of wealth-are all byproducts of unregulated capitalism. There’s a reason why free market acolytes love to point at places like Hong Kong and Singapore as models for how society should be organized. The idea that unregulated capitalism without safety nets or government intervention will somehow lead to an overall better quality of life just isn’t true, and we have real world examples to point to.
Singapore has a much more left-leaning government than HK though. Way more social welfare programs.
government collecting and increasing heavy land tax and jacking up housing prices == "unregulated" crapitalism "without government intervention"
There are no homeless in Singapore
@@samgyeopsal569 Singapore has generous social welfare and a de facto one party state.
I always point to Hong Kong as what happens when you let capitalism run the country.
Here in Chiang Mai, where I've lived for 10 years, people tend to also have very small housing - an average "apartment" here consists only of a bedroom, a bathroom, and a balcony where most people dry their clothes and some people keep a cookstove. Unlike in most areas of the world, there is no rule that housing must include a kitchen, so many buildings that have small apartments and single rooms don't even have shared kitchens for each hall. Most of the buildings are wooden, which makes it a fire safety issue to cook. What makes this difficult is that, unlike Hong Kong and New York and Paris, there is no good public transport here - RTC and B buses were started in 2016-18, but were taken away during the pandemic and still have not been brought back..so, if you don't have your own vehicle, it is almost impossible to live outside the main city area, unless you want to take an expensive taxi home every time you attend an evening event that goes past 6 pm!
On the upside, eating out doesn't cost more than a home-cooked meal, and there is a lot of good readymade food at street stalls and markets, as well as free food at lots of religious and other events and places like the Vegetarian Society. There are also lots of public places where you can hang out from around 6 am up to midnight, and some places even 24 hours, such as temples (the city has over 100), shopping malls, cafes, libraries, and parks, and almost anything can be done outside - you can even shower at most temples!
But this situation isn't so good for families, or for elderly and handicapped people who cannot easily go around outside. Also, it was lucky that "staying home" in the sense of staying inside wasn't really enforced here during the COVID pandemic - here, "stay home" meant stay within your neighborhood or area. With such small houses, how did Hong Kongers manage during the COVID pandemic? I'm sure the rules were strictly enforced there!
Another thing Chiang Mai has in common with Hong Kong, based on the video, is the large number of people who are involved in collecting items (mostly cans and bottles) for recycling, to turn in to get money. Many people have special carts attached to their motorcycles for this purpose and work every night, and that has increased during the pandemic! Of course, that's good for the environment.
Lies again? After Dark X
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I have a friend from Hong Kong. When he talked about HK, I could see the pride in his eyes. Then 2019 came along with the extradition bill, I felt how frustrated he was...
I used to be proud to be from Hong Kong. 2019 turned that upside down, one of the most embarrassing and ignorant chapters of our history. We took our problems, which have been festering for over 40 years and well before the handover, and attempted to blame them all on China. As Hong Kongers we need to take a deep, long look in the mirror at our materialistic, selfish, short-sighted, scapegoating selves to see why the city is where it is now.
China did not create the housing shortage, and China certainly does not owe Hong Kong a shipping monopoly or an indefinite supply of cheap, desperate factory labourers.
@@canto_v12 same. I used to be proud of hk until 2019. Now I am not. Its also not chinas fault
Same here. Used to live there and left at 2019.. i dont know something changed in the vibe since then. Before the virus
BS! Nothing has been taken away from Hong Kong people by China since the belated promulgation of the National Security Law! On the contrary, Hong Kong has become much safer, peaceful and more beautiful than ever before! Peace-loving people can come to Hong Kong and see for themselves. Don't believe the puppets of the Western countries that are envious of China's giant-step developments in every aspects!
@@Willxdiana ~ what are you talking about ? You say "i was proud of HK before 2019?" The protests in 2014 and 2019 would not have even occurred if China didn't start forcing its control over the city instead of leaving its decisions to the local goverment and its people. You say you hate the chaos that happened in HK, but ignored what instigated the protests to begin with. And you say that it was worse under the British? lol. The British were the ones that created the capitalist society that it is today, set the low tax system and its laws, and having English as the official language is what attracted foreign investors and international businesses to HK. Now the foreign investors are leaving in droves. Yes, it is mainly China's fault. If China minded its own business, honored the international agreement that they signed, and let the local government handle their own business as usual....HK would have thrived just like it did from 1997 - 2010 and before the handover.
Thank you, you're making interesting videos
The city tried so hard to be a financial center (and achieved it) that it forgot what even made them a financial center: Hong Kong's autonomy. With the autonomy a lot of money might disappear too.
Not the locals to forget that but the CCP consider that HK autonomy threats their rule.
@@yipwinghei macau has autonomy. its the HK democracy advocates who love the USA and Britain more than thier motherland and would sell out thier homeland in a heartbeat that threatens the Chinese government.
@@edwardsnowden8821 so you agree that HK has no autonomy now and I would not consider macau has autonomy now.
@@yipwinghei "you would not consider macau has Autonomy" because there is no riot in the streets with rioters assaulting innocent people who disagree with them?. Hong Kong and Macau operate differently from mainland china like it or not. thier currency, flag and laws is evidence enough.
@@edwardsnowden8821 yup, so you said that HK autonomy threats CCP government and therefore CCP government terminated HK autonomy. Thank you.
I remember watching a documentary about urban hong kong, it was unbelievable how they were able to advance so much yet so little at the same time. It's literally cyberpunk irl
Edit: This is the documentary that I'm talking about. ua-cam.com/video/EUHDAfD0Z-Q/v-deo.html
can you recall a name of this doc? wanna watch this :)
What is the name of this doc..
"It's literally cyberpunk irl"
cyberpunk as a genre literally *originated from* hong kong and its neon signs and skyline (blade runner). it's the birthplace of cyberpunk alongside tokyo lol.
@@nerd2544
Exactly lmao.
Hahaha, I never realized that.
Basically this is what happens in a capitalist haven. Fundamentally there's nothing wrong with that but you need to have more measures to help those with lower incomes and to make sure the wealth gap does not become too large.
Since rich people rely on the services of bin men, cleaners, wait staff, and every manual worker under the sun, you'd at least expect a minimum wage system rather than let them rot on next to nothing. But no, let the rich get richer and the poor get poorer.
@@adamtang1922 that's the capitalist system, that's how the rich get richer by paying everyone below them less. They will get big salaries and big bonuses sometimes even despite the company underperforming. They will rather save costs in paying their workers and production costs than to reduce their own salaries.
This. Any major city will be a gathering centre for worldwide wealth, pricing out the working class by default. Hong Kong has simply chosen to do very little about it for the past 40+ years and the recent instability is the biggest sign yet.
This has nothing to do with whether Britain or China was in charge. The handover is just a convenient scapegoat for a woefully outdated economic structure combined with insufficient working class housing.
@@canto_v12 yes the issues have been brewing for a long time but what matters is if anything will be done to help those in need now.
Very good video.Thanks for sharing.
So basically, no intervention from the government in economy is as worse as total government control of economy, if not more.
The sad truth but ya
Both are extreme methods of government handling, so yeah.
@@paleoph6168 true, extremism always sucks
As an outsider, I think the positive non-interventionism is a good idea (Malaysia did this also especially in the 80's/90's) without that an economy will never grow rapidly. However, the biggest mistake is the government owns the land and lease to property developers which incentivizes rental to go higher and higher hence, making people harder to rent let alone buy. The government revenue should be from taxes, and other sources and not from leases. It's almost like the govt cahoot with property developers to screw the people lives.
@@leealex24 if government increases taxes then market is no more “intervention free”. In addition to that, higher taxes will make it harder for new business to grow, which won't grow anyway due to family owned monopolies.
Government should instead help new business to grow and levy taxes on big business and give incentives to small companies. Plus, the main reason why government should exist is to make lives better for it's citizens, so responsible social spending and creating quality cheap public housing. Other than that, your point is true, non-interventionism to a certain extent is necessary but it should never be done at the expense of poor.
Class video always love learning more about Hong Kong. Have to visit one day in my life.
Well, now that Covid restrictions are gone, it's time to come on over!
Nicely explained
I like these videos, but I would suggest adding an outro so the ending doesn't seem as if you've been cut off. You can even have the background music playing for a few seconds before it fades out as a way for people to know the video's ending.
wow 👌
Never knew all those staff
such a great summary
thank you ❤❤
You make the best videos
Hong Kong's government requires the revenue from Real Estate taxes and land sales. They need to keep prices up. This is the main reason but there are others. HK and Monaco are the 2 cities where housing prices insane high.
I am in HK. We spend USD10K per month (we live relatively well but by no means luxurious) on rent for an1700 sqf apartment in the city center. It's selling for USD9million, the price that can get you the highest quality of living elsewhere but you would be considered only upper-middle class here.
My friends after learning our rent "oh you got a great deal, how did you bargain for it"
To be honest if you can spend $10K USD per month, you are making some decent money. ANd the reason why you are making some decent money is because of the low taxes. While many argue that HK is one of the most expensive to live (and its true), property is basically another form of tax. Would you rather be taxed 46% or more on your income, then pay sales taxes etc or would you rather have that disposable income and adjust your lifestyle and can be flexible using your disposable income after taxes. Alot of expats I know that are quite successful aren't moving out of HK because of this exact point! If you feel you are paying too much in rent, and try to move somewhere else, good luck finding alot of work that can afford your $10k USD per month of rent!
I’d be curious to know how much of the OP’s income is being eaten by 10k rent?
@@ryhchoi I know bud, I am not complaining - we are fortunate as it is. All problems we have are first-world problems. We are pretty risk averse so rent plus mortgage (we also bought a house here) is about 15% of our expenditure - definitely living within our means. I am 40 so we lean towards stability. I am complaining on behalf of the statistic here - the property price to average income ratio is the highest in the world by a huge margin, as is the price/area ratio.
@@shuang7877 Agree with this. The reality is there is alot of wealth in the city. In HK there is only around 18,000 new private flats built each year, if only 18,000 of the 2.3 m (or 0.8%) families can afford it, it will already have sufficient buying power to absorb the entire supply and hence the high prices. So when people say HK homes are wrongly priced I would have to disagree with this. Having said that, thelack of land and supply is very real and it is also true that this prevents people from buying a home. And the same goes for other financial centres such as New York and London.
I gotta say, as a HKer and without going into politics which has always been a clown show, HK provides one of the worst quality of life values for your dollar in the developed world. Even billionaires cannot afford a detached house, lmao.
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been waiting for this one :))))))))
gonna watch now
edit: great vid, also perfectly timed because today/yesterday the government is holding a 'Global Financial Leaders' Investment Summit' to attract investment, but theres a typhoon at the same time lol. and the financial secretary in his speech said that Hong Kong has "returned to normal and is back in business"................or so he says while on a zoom meeting from Saudi Arabia because he got COVID. 🤦♂
Can you talk about the dark side of New York, Los Angeles, Las Vegas, Washington etc...
You are welcome: ua-cam.com/video/E2RvooEI0YE/v-deo.html
Can't take any criticism without saying "but the usa!!!"
There’s thousands of videos on that. This video is about hong kong.
Great video
Very true man you speak it out
By developed country standards, housing for most working class people earning the median income is very uncomfortable.
Hong Kong is one of the worst housing value propositions in the developed world. Incredible experience for a visitor, investor or biz leader, but built on the backs of local people living like sewer rats.
Although the property price in HK is insane, you should mention salary is much higher than a lot of European countries at least compared to the UK and France and income tax is only around 10%( with the basic tax free allowance). I was earning around HKD 45000 per month in my mid 20s, a bit less than my peers and other “white collar” professionals. I was able to have my own flat, travel abroad 3-4 times a year and managed to save some money. Finding a job is so easy there. The city is safe, infrastructure is awesome. Unfortunately HK is not for the economically inactive group. You can’t be poor there.
The losers that don't have ambition are the loudest to complain about HK
$45K per month, ha
All the citizen can get admission from a good university degree?
Most of people only get a normal job after graduation and they have to pay $144k debt first.
Only 41.9% student can get into univesity(2022) and it is lower than 35% in 2010-2020.
YOU can't be poor with a good university degree , but they are struggling on the daily cost. The salary haven't change for serveral years and the daily cost not only house price but also food, transport..... everything is increasing.
Ah yes, i forget. They can't be poor if they work 2 part time job everyday. $16000*2=$32000. Work 20hrs a day and I can't be fucking poor. You are totally correct.
@@123hhab3 Typical comment from a loser
@@123hhab3HKD - Hong Kong Dollars, not us dollars
I think the thing most worth noting here- which Dom mentions early on- is that the extreme housing shortage is not inherent in the system, but is instead a policy the Hong Kong government creates on purpose to increase their land lease revenues.
An amendment or democratically-elected proposal to force the government to increase the stock of land should be possible even without drastically changing the nature of the HK government or constitution.
Yep, that is the solution. The main obstacle is that the government lacks strength. It would face fierce opposition from (1) building developers, (2) apartment owners (the decrease in property values would push many into negative equity) and (3) people who are simply opposed to the government.
Yes, this is a correct unbiased understanding, but HK's whole shtick is the low tax business environment. They are reluctant to give up that buzzword that they have been leaning on since the British days, even if it means potentially rezoning and releasing more land, and solving the housing crisis.
Cage home, high property price and very skewed wealth distribution in HK are nothing new for me. But what attract me is, the use of footage from one of my favourite HK movies early 90s titled 'Better Tomorrow'. That really bring back some nostalgia. Cheers!
As an outsider, I think the positive non-interventionism is a good idea (Malaysia did this also especially in the 80's/90's) without that an economy will never grow rapidly. However, the biggest mistake is the government owns the land and lease to property developers which incentivizes rental to go higher and higher hence, making people harder to rent let alone buy. The government revenue should be from taxes, and other sources and not from leases. It's almost like the govt cahoot with property developers to screw the people lives.
if hong kong raised taxes nobody would invest in hong kong anymore and will just go to other, much more developed and attractive, chinese cities like shenzhen or guangdong. low taxes is literally the only incentive for companies to work here now. strict COVID and quarantine policies also destroyed Hong Kong's reputation as a business hub and made companies all flock to SG where life has returned to normal
on the flip side, Hong Kong income tax is low af
@@naaat no use when it takes 10-20 years to save up for a house when with tax it could be halved or even less
@@nerd2544 just stating a fact
It obviously turns places into hellholes for the majority of its inhabitants. A quarter below poverty line is an insane disgrace. It simply does not work.
Hong Kong's housing problem is one that cannot be avoided because city-states often have space problems. I hope a solution is found.
Cage homes looks awful.
They can literally develop a Singapore System though. Also give more land grants for Affordable housing 70% of Hong Kong is empty land. They can also reclaim for islands/land, basically Hong Kong needs to find a new direction. It's going nowhere fast. They also have the NYC/London problem of relying heavily on the super rich and if they start taxing them they flee. They need to do it anyway and rebalance the tax system. It will be painful but it will work.
I think one of the reason people live in that little bed is because if you live there for awhile the government will give you a house to rent by a very low price ( usually people that are actually Hong Kong people do not live there )
Congrats on the sponsor
Sooo heartbreaking to see elderly HK people collecting cardboard to make end meets. God blesses them all
0:41 That's the thing...something DIDN'T go horribly wrong if you're trying to make Hong Kong a capitalist paradise. The wealth disparity between the rich and poor in this city is a natural result of a society where the "free" market rules everything.
the end is so dramatic lmao !
Can you do a video about Macau?
I really like your videos Dom.
Hope you make a video about Nepals hidden demon cave and Romania's hidden castle in the mountains
There is also a dark side of the HK public housing system that should be exposed, which leads to the reason why people who live in cage homes STILL do not qualify to move into public housing. 😢
I love HK lived there from 1998 to 2001 the whole vibe back then city that never sleeps start ferry the beaches every thing was wonderful due for a visit next year to see my sister its always been cramped
You're in for a sad surprise. You were there in the golden era thats is now long gone.
U just lived hk for 3 years. I lived there from 1981 - 2001.
At that time, everything was ok. But not now,
@@castorchua As someone who has lived in pre- and post-handover Hong Kong, people are only remembering the "good times" in the past and forget how poor the vast majority of Hong Kongers have been for most of its history. Also, in the 80s, the poor did not have social media to voice their struggles. We live in a very democratic information era so the poor have a much bigger voice now.
Unregulated Capitalism ends up with oligarchy and monopoly. Capitalists are heartless and greedy. Why do people feel it is a viable economic strategy for the long term?
Because people are not thinking long term health, only short term profit. The mentality of "If everyone is milking the system, why shouldn't I?"
Sounds like it turned out as anticipated.
I was born and raised in Hong Kong, but my family had to leave to Australia mainly because the cost of living was too high for us and also at that time, China was trying to take back Hong Kong earlier than agreed. Hong Kong is a place where everyone below upper-middle class is considered to be poor.
I would also say that the main reason the housing prices are so high is because of investors from the mainland and poor land management by the government.
IMO the main reason for the housing crisis is the fact that HK remains a separate territory from mainland China. Regardless of your political preferences, Hong Kong is still run almost like a city-state. In other countries, if you are priced out of the city, you move into the suburbs. No such choice in HK due to the closed borders and lack of legally useable land.
In other small city-states and similar territories, the governments tend to be much more authoritarian and willing to directly intervene in the housing market; Singapore is a great example.
Meaning you’re a British Colonizer and ran to escape just punishment.
@@Ac_athat’s just so wrong
This is amazing now now u did all the asian tiger economies u put the effort in these bro 👏🙌
Thank you 💝!
Successfully new year sir
When the CCP fully takes over they will start making life better for the average citizen of hong Kong, all beit at the expense of some minor freedoms.
The only ones really losing would be the super rich of Hong Kong who will need to put up with a much more powerful government
they could already make it better if they let us vote for our leaders but they deliberately put corrupt inept puppets in charge and arrest and disqualify everyone that spoke out against them so that gullible folks like you believe the agenda they push that Hong Kong needs the CCP to save it when in reality there are plenty of activists and politicians out there who want to solve issues but since they're against the gov and not completely obedient dogs to the ccp they'll never get the chance
@@nerd2544 under the British they didn't have universal suffrage. Straight across the border atleast their isn't homeless and family's live in affordable housing that doesn't take half your life time wage.
@@user-vv7ir1pl4j "under the British they didn't have universal suffrage" so we shouldn't have it now? lol. they didn't have iphones back then we shouldn't use them now, guys.
the government themselves falsely promised universal suffrage until big daddy xi reminded them who was the boss and they retracted it leading to the occupy protests in 2014 and a turning point in localism and radicalism and 2019 was the climax. the CE carrie lam elected in 2017 wasn't even the popular one and was simply a puppet as opposed to donald tsang who was far more popular in the opinion polls. safe to say carrie has destroyed hong kong and now she's trying to use $22m of our taxpayer money to finance her own private space on a skyscraper for "administrative duties" when she's retired and thousands are suffering under poverty and the shitty covid measures she introduced lol
@@user-vv7ir1pl4j there are plenty of local politicians, pro-china or otehrwise, who have been rallying to ban subdivided housing and force the government to build transitional housing for public housing (further amplified by the fact that throughout 2020-2021 the government was able to miraculously immediately build a few thousand blocks in a suitable location to accomodate covid quarantine within the span of a few months. (yet somehow they felt no need to do so for the poor lol). they finally decided to start building transitional housing next year but still haven't outlawed inhumane subdivided housing that doesn't exist even in the most poverty-stricken urban areas yet it does right here in the alleged "financial hub of asia" 🤷♂
@@nerd2544 just sounds like western style lobbying. Under the hk conditions it's normal. You say it like it's unheard of anywhere else in the world. Other countries promise greater things but don't provide
This is why we must have some better form of regulation and rules for real estate.
Real estate in HK is state-run.
@@shauncameron8390 The land is leased from the state. That’s about it.
@@winderwonder residency rules for property buyers are too lax. But HK relies on this to keep land value high.
I'm from Hong Kong. The only bad thing is the expensive housing. Other than that, it might be the best city to live in. Better lots of Western countries. We are talking about lots of aspects here, politics are really stable, and the economy might not be the best but is still fine. In Hong Kong, living standards are also pretty high as long as you are middle class. One thing that is true though is that Hong Kong's influence globally is diminishing, mainly because of the government's reluctance to shift their focus to technology, causing Hong Kong to lag behind in that aspect.
Ya, the same way before 1959 Tibet used to be Known as ShangriLa heaven, only if you overlook the crippling poverty, theocratic dictatorship, slavery/serfdom, mutilation and death for even thinking of opposing the dalai lama in any way, form or fashion. So ya hong kong was the "pearl of the orient" if you ignore the fact that CAGE HOMES and EXTREME INEQUALITY was very rampant while HK was still under British rule.
Com-munist sympathizer spotted
Hong Kong: Real life dystopia!
*MTR with 70% state-owned shares:*
Ok, redistribution of wealth cannot solve the issue if the supply of land is capped and/or controlled monopolistically. It would only drive up the price of land equivalent to the amount that you distributed. This is introductory microeconomics.
Thankz brother
Singapore is on the same path. 😢
i'm from Tokyo and saying that "an average apartment in Tokyo is 65 sq.meters" is a huge overstatement. it is much, much, much smaller than that. i would say, if you'd exchange Paris with Tokyo, that'd be about right (tho idk about Paris apt sizes)
I'm a Hongkonger, currently living in Zurich for good, the overall spending for living (including food and everything) in Zurich is indeed so much higher than Central / Sai Wan district of Hong Kong.
but thats zurich
Ikr and people think HK is expensive.
Ye but you earn a shit ton in Switzerland. My sister works in Geneva and earns more than 250K USD annually
I lived in a caged home where i met an elderly man who had introduced me to the triads and with that connection i rose out of the slums to become a Boss. 😎
I am also from Hong Kong and I still live there and I really want to live in other countries I do I am way above the poverty line Because you know some government corruption think so
I'm a HKer living and working in the US. If you think HK is corrupt.......lmaooooo.
Bro i lived in hong kong my whole life and its actually not bad
This is so sad...
very good summary of the problems of hongkong，and totally agree that the government intentionally kept the housing unbelievably expensive. A bit short on the fact that prior to the opening of China in 1979, hongkong was already amongst world's leading exporters in many fields like toys, electronic watches, wigs, garment, and even cameras. Crediting the success only to being the gateway to China is an understatement on the hard work of the hongkong people.
Dark side of Europe and America please
Europe already done.
We also need one for vietnam
Yes, expose please
@@DavidJohnson-dp4vv Vietnam is the perfect city which never have the dark side like US :))
@@HN-ol7oz Vietnam is not even a city, it's a country.
Back in the 80s, Hong Kong used to be known as the "pearl of the east". Thanks for explaining how Hong Kong went from a pearl to a dystopia.
it was always a dystopia, as a hong kong citizen I can tell you the wealth inequality is one of the most extreme in the whole world.
subdivided flats are also called "nanometer flats" which is just big enough to fit a small bed, and a television.
the government is very restrictive with land uses due to "it harming the environment" and "destroying wildlife" when literally the only developed land we have are on the coastline, nothing else.
I cannot tell whether your comment is a joke, ignorance or just colonialism...
Ya, the same way before 1959 Tibet used to be Known as ShangriLa heaven, only if you overlook the crippling poverty, theocratic dictatorship, slavery/serfdom, mutilation and death for even thinking of opposing the dalai lama in any way, form or fashion. So ya hong kong was the "pearl of the orient" if you ignore the fact that CAGE HOMES and EXTREME INEQUALITY was very rampant while HK was still under British rule.
@@user-vk7zv3he1m Hong Kong people at least have their own housing, while Japanese young people can only live in Internet cafes in Tokyo
Hong Kong has ALWAYS been a dystopia. Just that now the poor have a voice on social media. The dark side is literally the backbone on which the glorious skyscrapers and huge capital markets were built. It’s a city of extremes-risen out of an unusual fluke in history with WW2, the Chinese war, the experiment with and eventual end of Communism, a huge labour pool with just one seaport to monopolise the distribution of its products, etc.
So in fact, Hongkong is an example showing the dark side of capitalism. A small group of people owning a huge amount of money and the rest struggling with poverty and housing problems. Wealth is extremely unevenly distributed.
Please upload vedio regularly.
As a Hong Konger I have to say that housing was actually extremely affordable during the 90's under British colonial rule, it was only after the handover that the housing prices skyrocketed, mainly due to the influx of mainland immigrants and the lack of housing supply, the new HK government had no intention of fixing any of the problems either, which is one of the many reasons that sparkled the massive protest in 2019.
Some of us may call ourselves "slaves for housing"(樓奴), as one may spend the rest of their life trying to repay their mortgage.
I think the handover was just a convenient historical event--the housing problem began well before then. Also, remember that the HKSAR did try to fix the housing problem under CE Tung. People protested and the housing expansion was scrapped.
At the time, it was our own fault for being short-sighted.
as a HKer myself.
brace yourself, it is happening on you, all over the world.
In big cities yes, but none I have visited measures up to hk. I am a hker too
At least Hong Kong's very poor are not camping in the parks and living under flyovers amongst human waste and discarded syringes!
That's what they call freedom. Freedom to be stupid!
If the generation born in Hong Kong in 1950-60 is still poor, it is a very small and extremely unfortunate group, because the baby boomers in Hong Kong have free education, and Hong Kong, one of the four Asian tigers, as long as you go to If you work hard, anyone can afford an apartment of their own. Since a large number of low-skilled mainlanders immigrated to Hong Kong from the 1980s to the early 2000s, it is impossible for them to buy an apartment in Hong Kong, and it takes 6 years or more to wait for public housing. As a result, a large number of low-income new immigrants need to live in crowded and inhumane places.
36m² is big for Paris, not average
Really?
@@rosampa1980 yes, most people living in paris are living under 30sqm, and most people working in paris are not living in Paris because it is painfully expensive
@@bananesalee7086 Well atleast they have the suburbs of Paris to live in. Hongkongnese dont have anywhere else to go but Hong Kong. There are no suburbs in Hong Kong.
Preventing new home construction is NOT the purest form of capitalism. Not even close.
Will you make a video of dark sides Canada, America, and European countries?
Happy to help the needy in Hong Kong. Donations
Pure capitalism and non interventionism ☕
vaccine mandate is nazism.
How can you tell if your project to make a Capitalist Paradise has succeded? Well just look at the place. If it's a Real Life Dystopia, then you know your project has succeded. If conditions are livable or, even worse, somehow pleasant for virtually everybody then you will know you have ended up with a mixed economy, and your project has failed. You will have to start over and try again.
Extremely depressing.
Since the Hong Kong enacted the patriot act aka national security act, what has changed? The government structure is still the same. The rule of law is still the same. Tax is still low. Properties supplies still low. What has changed is zero covid hurt hong kong and the treatment of USA China relationship has changed. It's decoupling of the two largest economy.
government structure not the same. increased number of lawmakers while getting rid of people's rights to vote and arresting the entire opposition so it's now entirely made up of pro-china fuckwits and business tycoons who all earn more in one month than the poorest of society here earn in a year
also since 2020/2021 all lawmakers and councillors and civil servants have to make a "sincere" oath to respect and love HK and China and be a "patriot", which became the government's excuse to disqualify dozens of civil servants, and many councillors also personally resigned
👏
other than that and now being unable to publicly insult the government or mention anything of the 2019 protests, you are right, nothing has changed and it's all gotten worse after COVID and Hong Kong/China's unnecessarily strict rules which have made many businesses flock to Singapore instead
Lived in Hong Kong for almost 30 years now, always been poor. My family started from the Kowloon City slum, I lived in a sub-divided home myself and now a mini-home.
I got to say, it is very interesting to see that you are so pessimistic about Hong Kong. You must have been through a lot, or simply choose to focus on only the bad.
For me personally, the amount of government aid, easy-to-access low-interest rate student loans, affordable health care, and constant funding for entrepreneurship; balances out the high Gini coefficient, ridiculous rent, diminishing upward mobility, and the threat to our freedom. it would still be difficult for me to see my hometown as a Dystopia
There is always shit to deal with in every city and country.... and my honest feeling is, this is a relatively less stinky one.
Badly, and I would want one too. But is not like without one I cannot live happily
As a HKer who works abroad, I appreciate your optimism despite your struggles. Upward mobility is difficult when housing is so far out of reach.
HK is just a gathering place of too much global money. The local working class needs more help to get housed.
British Born Chinese living in HK for 3 years, worst things are:
- HK Govt and Employers conspire to threaten your job security, forcing HK workers to accept low conditions with frequent overtime.
- Face saving Bully work culture, if you are a foreigner you'll be especially isolated or sabotaged.
- Chronic torture of loud and rude ppl everywhere.
- Bags used as weapons by MTR passengers who playing innocent.
- Passive aggressive in general.
- Chronic excessive crossing of personal boundaries.
- Greasy HK style food & artificial meat.
- Bad air pollution
It seems to me that South Korea has more passive agressive people than Hong Kong.
Well , in Vancouver Canada you need more than 100% of average salaries
Sure it is bad,but you can get 1000HKD a month flat in public housing.Which has alot of shops and food,but you will have to wait for at least 5 or 8 years.Some even waited for 10 I think.
@@ashtonng It's not that bad,I've seen 8000HKD houses with a balcony.Tho its expensive,you can get a 100HKD flat in a old apartment building(if you like cockroaches that is)
@@quackyeets8380 Well. First, HKD8000 houses with a balcony...even if it exists in Hong Kong. It will be located on some island far away where there are only 2 scheduled boats going back to Sai Kung every day. And if you sleep on the street or sleep inside McDonald it is HKD$0, why bother with the old apartment building with cockroaches? Nobody growing up in Hong Kong will dare to say "It's not that bad." when it comes to housing. For public housing 5 years are optimistic. You need to fulfill some requirements to be "qualified". e.g. You have a family and the whole family have a low income, or have a disabled family member....or your kids are mentally retarded something like this.
There a pretty big house in the Tai Po city area (not that city),my father lived there for a bit and it was fine.Just cockroaches.Not the cramped cage home.
@@hominglau7693 Well there is one,I lived there once.
I think you’re putting a bandaid over a much larger issue. Do you think a 5-10 year gap is a small amount of time? Do you think people should live in squabble in the country they’ve lived in for decades?
"Purest form of capitalism", "Government owns all the land" nice video bro, very cool stock footage stitching and propagand a. Not to mention that it was not even the "purest form of capitalism" at its inception.
2:15 I like how 65sqm in Japan is larger than 69sqm in New York. Wow. The world is truly fucked up.
How is it non interventionalism if government literally intervent into the land pricing market?
In America you get a tent on the sidewalk....I'd rather have a cage home.
in America being in the situation of homelessness is almost always based around bad practices. In the US you can get a job and eventually still pay rent in some cities or areas even if it’s a fast food job. in HK that upward mobility is cut off. The living costs is far far too high for people to continue
at least you have some fresh air in a tent
During the early Covid days, a tent out in the woods would've been safer than living in a cage home like this. Covid spreads like wildfire with everybody's windows being so close to each other.
Yeah but you don't pay like 20k USD to live in a tent lol
It's amazing how far Hong Kong has come. Being from Hong Kong, I wish it all the best.
Did you watch the video?
@@castorchua he did not lol.
Come to shit you mean, most % of people living below poverty line of almost whole asia, really amazing, bad in a bad way.
@@budgetking2591 He got paid a few cents to make the comment.
2:10 The nyc square should be bigger than the Tokyo one.
The question is "Is anywhere else any better?"
This is extremely sad on so many levels . I wish human society can learn from these experiments
We will never learn
Human society is inherently cruel and selfish. HK is just a very extreme version of it. I wanted to flee since I was a teen.
All of you people don’t know what it’s feels like to live in Mongolia. We have 3 million people no skyscrapers, one small city with high amounts of traffic, corrupt politicians and because of it people make only 1.10 USD per hour. And the worst part of it being public transportation… we only have 1980’s Korean buses that Korea don’t want
There is no education in Mongolia, I would have to say I’d rather live in China than in mongolia
@BelieveInScienceWISe7 comparing everything to the worst isn't a way to make your point. It doesn't mean the thing supposedly better is supposed to be good or right.
Why didn't you compare hk to a place much better then？
Idk. I have coworker from Honk Hong we talked about life a lot. Life in London is way more expensive then Honk Kong. We are not so far from cage homes here. We just call them box rooms. If you are simple working class. Cleaner, cashier and that kind of jobs box room is 70-90% from your salary here. Yes t it everything is black and white and you can be lucky and live better(bigger room or small studio and manage to eat) but that’s the same in Honk Kong not everyone is living in cage houses. And this 20 years to buy a property sounds paradise to when you compare prices and salaries here. 😂
The phrase "the most expensive city" is not to be literally interpreted in the context of the cost of real estate or cost of living, this is always in proportion to the average salary in that country. Putting into consideration that the average salary in Hongkong is only 2KUSD, it is indeed more expensive than London or New York where salaries are way higher.
2:11 I believe the Tokyo and NYC boxes are switched
I didn't get how limiting the land that developers can lease leads to optimality for the government. It's as if I have a secret technology that can be used to create a product for the market to meet a high demand, and no one else can do this. It doesn't necessarily follow that squeezing out supply will generate the most profit for me. There might be some point of supply and demand that is optimum for me, but what that point is, that needs a better explanation.
why is the size of the tokyo square bigger than the nyc square when they're listed as smaller underneath, when you were comparing apartment sized at the 2:17 mark
So it was the British fault that homes are so expensive in Hong Kong. Thanks
You think HK is expensive now. Wait till the mainland Chinese move in
The problem originated in the colonial era but it's ridiculous to blame Britain now. Hong Kong needs to fix its own problem. China's not going to do it for us--they have bigger fish to fry.