A question from a lawmaker about his “personal experience” at a meeting of the Legislative Yuan’s Finance Committee prompted central bank Governor Yang Chin-long (楊金龍) to suggest that young people should consider renting a home until they can afford to purchase one.
There is nothing wrong with Yang’s advice, but in 1993, when Yang was a 40-year-old first-time home buyer, newly constructed houses in Taipei cost NT$300,000 per ping (3.3m2), while pre-owned houses were NT$200,000 per ping. Newly constructed houses in Taipei County — now New Taipei City — cost about NT$100,000 per ping.
At that time in Taiwan, the average family