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Because cost of rental has gone up. No thanks to the proliferation of REITs and government policy to maintain high land prices.
There are negative trickle down effects of high rents which pushes the cost of everything up, from raw materials to labour cost.
What determines the cost of labour? Marx says it's the cost that a labourer needs to survive, from paying for his home, food and health etc. Of course this cost has been distorted in Singapore due to the heavy presence of cheap imported labour.
Used to see some Local or Indonesian ladies selling home-made currypuffs 3 for $2.00 near MRT Stations. But now so many Safety Distance Ambassadors checking so cannot sell anymore.
Used to see some Local or Indonesian ladies selling home-made currypuffs 3 for $2.00 near MRT Stations. But now so many Safety Distance Ambassadors checking so cannot sell anymore.
Used to see some Local or Indonesian ladies selling home-made currypuffs 3 for $2.00 near MRT Stations. But now so many Safety Distance Ambassadors checking so cannot sell anymore.