[Oyk]

Bank interest rates went up, that's true.  A year ago, peepur started scrambling to park their money in FD as a safe place, as investing in stocks and other instruments seemed risky.

Those who bought apartments using bank loans were hit, but the increase in rent that they charged their tenant was out of proportion to the increase in interest.  It was merely an sexcuse to raise rent to sextisfy their greed.  One landlord started it, and soon, others followed.

Then there are those who do not have any outstanding loons.  Their apartments were fully paid up.  They also increased their rent to the insane levels we know today.

And HDB flat owners.  HDB maintained its interest at 0.1% above the current Ordinary Account rate of 2.5%.  There was absolutely no reason to raise rental charges, but they raised it.  This forced a lot of Malaysians to leave the country (brain drain), and many to relocate to JB.  Backfired!  Greedy for more rent and lost all of it in the end.

The worst part is that many of these jhks are essential workers, and so employers are forced to increase their housing allowance or simply, salary.  Of course, the companies will pass these costs to consumers.  (Labour) cost-push inflation coming and instead of owning up, these landlords keep quiet when the 39% blame PAP for the higher cost of living.

I should add, the greedy real estate agents also helped to fuel the price increase.  The higher the flat could be rented out for, the higher their commission.  Real estate agents are mostly scums.  Never trust them.