A senator has urged the government to reinforce the national housing policy by introducing stricter price controls and better-targeted tax incentives, warning that current measures are insufficient to keep pace with soaring property costs.
Michael Mujah Lihan told the Dewan Negara that housing in major cities has become largely unaffordable as property prices have surged far beyond the growth of public incomes.
He noted that young buyers and the M40 income group face compounded challenges: high property prices, mounting living costs, existing debt obligations, and stricter bank lending criteria make obtaining home loans increasingly difficult.
“For many, most of their income is spent on rent, creating a trapped renter’s generation,” he said, stressing the need for a paradigm shift involving developers, financial institutions, and policymakers.
Mujah Lihan called on developers to adopt cost-saving technologies that maintain quality while reducing construction expenses.
He also urged banks to explore more flexible financing options, such as expanded rental-to-own programs, to help bridge the affordability gap and support homeownership for more Malaysians.
