Since 2011, potential homebuyers and homeowners have been continually impacted by cooling measures the authorities implemented. Round after round, year after year, to no sign of these measures being called off. Many have sounded their unhappiness, having been stopped from making their riches. Some debated about market intervention vs free market.
These were difficult and important moves; it would have been easy to simply “let free market take over.” Indeed, it would have benefited the country’s coffers more to sell more land and properties at higher values, from a sales and property tax perspective. Think about it, for every one piece of land sold, or in fact one property transacted, at a higher price, the other 99.9% rise in value!
So why go through all the trouble to come up with unpopular policies and intentionally curb property values?