Posts tagged Hong Kong
Posts tagged Hong Kong
New Yorkers are famous for complaining about the city’s subway: despite an ever-increasing rise in fares, service never seems to get any better. And even still, ticket-sales still only funds part of the New York City subway system; the city still relies on supplementary taxes and government grants to keep trains running, as fares only cover about 45 percent of the day-to-day operating costs. Capital costs (system expansions, upgrades, and repairs) are an entirely different question, and require more state and federal grants as well as capital market bonds. And New York’s system is not unique: as in other cities, New York struggles to pay existing expenses and must go into debt to pay for upgrades, that is, without raising prices.
Is this problem intractable? Not exactly. Take Hong Kong for example: The Mass Transit Railway (MTR) Corporation, which manages the subway and bus systems on Hong Kong Island and, since 2006, in the northern part of Kowloon, is considered the gold standard for transit management worldwide. In 2012, the MTR produced revenue of 36 billion Hong Kong Dollars (about U.S $5 billion)—turning a profit of $2 billion in the process. Most impressively, the farebox recovery ratio (the percentage of operational costs covered by fares) for the system was 185 percent, the world’s highest. Worldwide, these numbers are practically unheard of—the next highest urban ratio, Singapore, is a mere 125 percent.
Read more. [Image: Paul Yeung/Reuters]
In crazy dense Hong Kong, 100,000 of the city’s laborers live in sub-divided apartment units averaging 40 square feet.
See more. [Images: Society for Community Organization]
Despite being well-known as the home to millionaires, many poor call cages home.
Anger over housing prices is a common theme in increasingly frequent antigovernmet protests. Legislator Frederick Fung warns there will be more if the problem can’t be solved. He compared the effect o the poor to a lab experiment.
"When we were in secondary school, we had some sort of experiment where we put many rats in a small box. They would bite each other," said Fung. "When living spaces are so congested, they would make people feel uneasy, desperate,"and angry at the government, he said.