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because they measure only static losses, those that result from denying
households the ability to obtain the appreciation in land values.

To illustrate the size of the economic loss that our housing policy
has potentially incurred, it is estimated that the gain in housing capital from
privatisation and deregulation of the public housing stock would be $3.336
trillion, equivalent to 156.9% of GDP in 2013 (See Table 11). The average PRH
unit would add $3.36 million to housing capital, the average HOS unit would
add $2.05 million, and the average TPS unit would add $1.96 million.

Table 11. Estimates of the value of public housing capital after privatisation and deregulation

Source: Wong (2014).

The dynamic losses have not been included for the calculations in
Figure 6 and Table 11; these would represent the forfeiture of potential gain
that could have been realised if a person with more resources spent them
on enhancing his or her productivity and that of others.

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