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The Singapore Solution: Adam Gant Discovers the Key to Housing Affordability

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When it comes to scarcity in the housing market, could the second largest nation on the planet learn from one of the world’s smallest?

Canadian real estate investor Adam Gant thinks so. For years he’s studied how real estate markets work across cultures and continents, traveling the world to find innovative ways to improve access and affordability for North American families who are locked out of the current system, their dreams deferred.

In the tiny city-state of Singapore, he discovered something remarkable: a financing model that has resulted in a homeownership rate of 92 percent, creating a strong civic foundation of families who acquire a stake in the system by owning property.

Adam Gant returned home to Canada with this revelation and hasn’t stopped promoting it ever since. In symposia, media appearances, white papers, and even a novel, he has described the essence of the Singapore residential property system, which he terms “shared equity.” It’s a template for Canadian and U.S. financial institutions, real estate professionals and policymakers, he contends; a way to solve the endemic housing crisis that is keeping home ownership out of reach for millions.

Beginning in the early 70s, Singapore embarked on an ambitious government program to turn a nation of renters into a society of property-owning stakeholders. The vehicle for this was its Housing Development Board, or HDB, which combines housing development with financing programs that are accessible to the citizenry.

The HDB builds, sells and finances. The goal is to keep down payments low and monthly payments affordable. The benefits have cascaded through society, allowing families to accumulate equity that provides financial stability and helps ensure secure retirements.

“How the HDB is different from CMHC in Canada or the housing finance agencies like Fannie Mae and Freddie Mac in the U.S., is that the HDB developed housing projects and offered self-insured financing in them,” says Adam Gant.

“The other key, and more profound difference in Singapore’s financing model, and the major missing piece in Canada and the U.S., is that the HDB did not get all of the ‘interest’ on the mortgage financing provided from the home purchaser’s monthly payment. They deferred part of the return on capital to the eventual sale of the home.”

This financing mechanism is at the heart of the HDB’s approach, Gant explains. “The home purchaser does not have to come up with all of the funds to repay the financing out of their own pocket; the home itself covers some of the costs out of its appreciation in value over time. Singapore has even turned housing into a supplement for retirement income by having ‘full life-cycle’ options for converting equity into additional income like an annuity triggered at retirement age.”

Adam Gant laid out the principles of this “shared equity” concept in a novel he co-wrote with Patricia Nicholson in 2020. A House Shared is a fictional account of a family whose sudden misfortunes push it to the edge of bankruptcy and homelessness. Shared equity is the solution for the book’s protagonists and is presented as a template for the wider society. The concept provides an epilogue of hope, as well as a preface for fundamental change in U.S. and Canadian models of home ownership.

Stepping away from the role of narrator, Gant urges North American financial and political elites to explore ways to apply the example of the Southeast Asian city-state: “Just like Singapore has aligned their housing fund that provides the capital used to construct homes with a funding source for the long-term solution which helps home buyers build up the down payment they need to eventually own, we need housing funds that can operate the same way in Canada and the U.S. We need ‘equity funds’ that finance housing development and shared equity agreements for home purchasers.”

If Adam Gant succeeds in his mission, the Canadian author will prove wrong another writer known for his love and admiration of Singapore: Rudyard Kipling, who nearly a century before the HDP began setting an example for the world, wrote: “East is East and West is West, and never the twain shall meet.”

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Yankees wrap up AL East with 10-1 win over Orioles, with Judge hitting 58th homer

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NEW YORK (AP) — Aaron Judge hit his major league-leading 58th home run, going deep for the fifth straight game to help the New York Yankees wrap up their second AL East title in three years with a 10-1 victory over the Baltimore Orioles on Thursday night.

Giancarlo Stanton had four RBIs that included his 27th homer, Alex Verdugo also homered and Gerrit Cole outpitched Corbin Burnes in a possible postseason preview. Judge and Stanton homered in the same game for the 14th time this year, tying Mickey Mantle and Roger Maris in 1961 for the most in Yankees history.

New York assured itself a first-round bye and home-field advantage in a best-of-five AL Division Series starting Oct. 5.

Baltimore, which clinched a postseason berth by winning Tuesday night’s opener of the three-game series, will be in a best-of-three Wild Card Series starting Tuesday.

Stanton homered in the second to put the Yankees ahead and hit a three-run double in a six-run sixth.

Judge hit a two-run homer in the seventh against Bryan Baker and has 144 RBIs, the most in the major leagues since Ryan Howard’s 146 in 2008. Judge matched his career best by homering in five consecutive games.

Making his last start before the playoffs, Cole (8-5) allowed two hits in 6 2/3 innings, struck out five and walked one, lowering his ERA to 3.41. He struck out Anthony Santander with a 98.1 mph fastball that ended the eighth after plate umpire David Rackley called a ball on the previous pitch, a knuckle-curve that appeared to be just above the strike zone. Cole glared as the umpire as the pitcher walked back to the dugout.

Cole was given a standing ovation when he walked to the dugout with two outs in the seventh and tipped his cap to the crowd of 42,022.

Burnes (15-9) allowed two hits in five innings, one walk and nine strikeouts — including eight on cutters. Burnes came out after 69 pitches and is likely to start the Orioles’ postseason opener on Tuesday. He had a 1.20 ERA in five September starts.

Stanton lofted a slider at the bottom of the strike zone into the left-field seats after missing badly at a slider on the prior pitch.

Austin Wells, in a 4-for-42 slide, forced in a run when he walked with the bases loaded against Cionel Pérez. Stanton drove the next pitch on one hop to the wall in right-center for a 5-1 lead. Stanton has 72 RBIs after hitting 6 for 18 with two doubles, two homers and eight RBIs in his last five games.

Anthony Rizzo added a two-run single against Baker.

Emmanuel Rivera hit a ninth-inning sacrifice fly for the Orioles.

UP NEXT

Orioles: LHP Cade Povich (2-9, 5.59) starts a series opener at Minnesota on Friday, when LHP Pablo López (15-9, 4.11) will be on the mound for the Twins.

Yankees: LHP Carlos Rodón (16-9, 3.98), 7-2 with a 2.87 ERA since the All-Star break. starts Friday’s series opener against Pirates RHP Jared Jones (6-8, 4.14).

___

AP MLB:

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Ostlund scores overtime winner to give Sabres a 3-2 pre-season win over Senators

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OTTAWA – Noah Ostlund scored the overtime winner for the Buffalo Sabres in a 3-2 pre-season win over the Ottawa Senators on Thursday night.

Buffalo’s lineup had a combined total of just over 100 NHL games of experience as most of its regular roster is in Munich, Germany for the upcoming Global Series Challenge.

Felix Sandstrom made 14 saves for the Sabres (4-0-0). Josh Dunne and Isak Rosen had the Buffalo goals.

Adam Gaudette and Noah Gregor scored for Ottawa. Linus Ullmark made his first start in a Senators (3-1-0) uniform and didn’t disappoint, stopping 28 of 29 shots through 30 minutes of play.

Dustin Tokarski made 10 saves over a period and a half.

Ottawa opened the scoring at 7:55 after Carter Yakemchuk made a great defensive play to create a turnover. Gregor was then sent down the wing and he beat Sandstrom on the glove side.

Buffalo tied the game at the 10-minute mark. Vsevolod Komarov made a cross-crease pass to Dunne who stepped into the faceoff circle and beat Ullmark.

Buffalo had a 24-5 edge in shots after the first period.

Gaudette gave Ottawa the lead midway through the third with a power-play goal that was set up by Yakemchuk. Rosen tied it with 40.7 seconds remaining.

The Senators were expected to make a number of cuts after the game to reduce the size of their roster.

NOTES: The Sabres were given a special exemption from the league before the game. Teams usually have to dress a minimum of eight NHL veterans, but Buffalo didn’t have any in its lineup.

UP NEXT: The Senators will take on the Pittsburgh Penguins on Sunday in Sudbury, while the Sabres will head to Columbus on Saturday.

This report by The Canadian Press was first published Sept. 26, 2024.

The Canadian Press. All rights reserved.



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Coach says Nylander will be fine after early departure in Leafs’ 2-1 win over Habs

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TORONTO – The Toronto Maple Leafs got a scare in a 2-1 win over the Montreal Canadiens on Thursday night when star forward William Nylander left the game midway through the first period after taking a knock to the head.

He was held out for the rest of the game for what the team called “precautionary reasons.” Maple Leafs head coach Craig Berube said Nylander avoided serious injury and would be OK.

“Willy will be fine,” said Berube. “Nothing to worry about.”

Nylander was the latest Maple Leafs star to suffer an injury scare, as Auston Matthews departed practice this week with what Berube deemed an upper-body ailment. Matthews did not play on Thursday.

John Tavares and Nick Robertson scored for Toronto in the Maple Leafs’ first win of the pre-season. Christian Dvorak tallied for Montreal.

The Maple Leafs outshot the Canadiens 33-17.

Nylander was tripped up in the neutral zone and hit in the head by a passing Montreal player as he fell. The 27-year-old went straight to the dressing room after the play.

Tavares opened the scoring midway at 10:12 of the first period by tipping home a deft touch-pass from Mitch Marner. It was the fourth point for Tavares in two games.

“There were better sides to our game,” Tavares said. “The way we played, all three zones, we were a little more connected. The pace of our game was better. Moving the puck better.

“I liked the way that we were getting in on the forecheck.”

Dvorak pulled Montreal even at 5:39 of the second period after taking advantage of a slick feed from Alexandre Barre-Boulet at the Toronto blue line.

Dvorak held off Maple Leafs defender Morgan Rielly and tucked the puck between goalie Anthony Stolarz’s legs.

Robertson had two breakaways later in the period but both were turned aside by Montreal netminder Jakub Dobes.

Robertson eventually capitalized with the winner at 18:04. He stripped the puck from Canadiens defender Adam Engstrom, drawing a penalty in the process, and beat Dobes between the legs.

“Heck of a play,” said Maple Leafs forward Steven Lorenz. “That’s just hard work, not giving up on a play. And it shows a maturity for a young guy like him. Coming on the backcheck and stripping the guy, going in and on the first three strides getting some separation and getting a great shot on the guy’s five hole.

“I get tired just watching him. He’s a good little player.”

Matt Murray took over for Stolarz in the third period for his first game action since suffering a hip injury on April 4, 2023. He stopped all seven shots he faced.

“He’s had a good summer, healthy summer,” Berube said of Murray. “He was able to train and do the things he needs to do. You know, this guy has won a couple (Stanley) Cups. He knows how to win. He’s a good goalie.

“So, I think it’s just kind of progressed from the summertime through to camp here now. He looked solid. He’s a big guy, takes up a lot of net.”

Stolarz had nine saves and Dobes made 32 stops.

COMING UP

The Maple Leafs and Canadiens will face each other again on Saturday in Montreal.

This report by The Canadian Press was first published Sept. 26, 2024.

The Canadian Press. All rights reserved.



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