Kuala lumpur: The government should strengthen national housing policy with more effective price controls and better-targeted tax incentives to tackle the imbalance between house prices and the public's income growth, urged Senator Michael Mujah Lihan. He highlighted that property prices in major cities have surged to severely unaffordable levels.

According to BERNAMA News Agency, Senator Lihan emphasized that although construction costs and property values have risen, the average wage growth has not kept pace. He pointed out that for young people and the M40 group, the challenge is not only the sale price but also the high living costs, existing debt commitments, and tightening bank lending criteria, which make loan approval a significant hurdle.

The senator expressed concern that many individuals are trapped in a renter's generation, where a substantial portion of their income goes toward rent, leaving them without assets. He called for a paradigm shift from all stakeholders, including developers and financial institutions, to address the issue.

Senator Lihan proposed that developers should be more innovative in using technologies that reduce construction costs without compromising quality. Additionally, he urged financial institutions to explore more flexible financing schemes, such as broader rental-to-own programs, to assist potential homeowners.