200,000 Vacant Units but Urban Lives Still Struggle: The Big Housing Challenge for Chadchart in His Second Term

Did you know? Currently, in the Bangkok metropolitan area alone, there are more than 200,000 new houses and condominiums unsold and sitting idle.

At the same time, many workers still have to wake as early as 5 a.m. to commute in time for a 9 a.m. start. These two issues may sound unrelated, but in fact, they are the "same problem" and reveal that Bangkok today does not lack housing but rather lacks "affordable housing near workplaces."

This is the "life cost" that Bangkok residents pay dearly—both in money spent on daily long commutes over many years, in fatigue that saps creativity before work even begins, and in life opportunities lost on the road, all because they have to settle for cheaper housing far from the city.

This is why the housing policies of "Chadchart Sittipunt" as Governor of Bangkok in his second term are highly anticipated. With the mission to make Bangkok a globally competitive leading city, this time the city will not pour budgets into building more structures to flood the market but will instead manage existing housing stock for maximum efficiency to address the big question: How to get people to live near work, improve quality of life, and drive the city economy simultaneously?

What has Bangkok already done?

Many may not know that this concept is not just on paper; Bangkok has begun laying the foundation and taking steps to gradually solve structural problems.

• Established the "BKK Housing Matching Platform": Bangkok collaborated with the Thai Real Estate Association to develop a website (www.bkkhousing.com). Currently, over 3,400 workers have registered their housing demand, and more than 255 real estate projects have joined. Alongside this, an online database of affordable rental rooms (1,000-5,000 baht) has been created to enable budget-appropriate searches, prevent price gouging, and foster a transparent rental market.
• Pushed the "Secure Housing" project with the Community Organizations Development Institute: Acting as a coordinator, Bangkok has increased secure housing for low-income communities by 2,451 households across 26 communities in 11 districts.
• Developed the "3 Houses" strategic plan: Conducted a survey and database of 905 insecure communities (about 149,000 households) to differentiate target groups for assistance, from community houses (low-income), city workers' houses (middle-income workers), to our own houses (Bangkok personnel welfare).
• Preparing to revive the long-term housing fund: In partnership with Thammasat University (TU-RAC), drafting a new regulation to establish the "Bangkok Housing Development Fund" so the city can have revolving budget resources to address problems long-term without relying solely on annual budget allocations.

In-depth look at the model tackling real estate oversupply

Thairath Money explores the appeal of the next steps for the second-term governor: expanding existing efforts into an economic model aligned with market realities. According to SCB EIC data, a clear crisis is evident that by the end of 2026, Bangkok and its vicinity will have about 213,000 housing units unsold in inventory. If no new projects arise, it will take over four full years to clear this stock.

Bangkok thus promotes a model to turn the "excess vacant units" into "opportunities for city residents" through key mechanisms.

• Housing Incubator & Stock Matching: Bringing vacant units, old condominiums, abandoned commercial buildings, or unused government land to renovate and match as affordable temporary housing for students, recent graduates, and workers near BTS lines.
• Rent-to-Own Model: A concept converting rent payments into equity, allowing workers to rent for 3-5 years, then convert accumulated rent payments into a "home down payment" to eventually become owners, supported by financial institutions offering low-interest loans.
• Co-pay System Engaging Employers: Introducing private companies to co-subsidize employee housing rents via Bangkok's platform, enabling employees to live closer to work, increase productivity, and share benefits. The first phase aims to provide housing near workplaces for 1,000 participants.

Housing policy is not just real estate policy but a "livelihood policy."

Of course, all these are still in the early stages of scaling up and face many challenges, such as persuading many vacant unit owners to join the platform, designing tax measures or incentives, and building trust among financial institutions and employers to contribute.

The most interesting aspect of this model is not just the numbers but the "way of thinking." Previously, when discussing housing problems, the government often thought about spending budgets to "build new houses" or create affordable housing in new development areas. However, Bangkok's current issue may not be about building more but about "allocating existing resources" to meet workers' needs.

When the city manages housing well, the result is not just having a place to live but also reducing time spent on the road, lowering travel costs, increasing residents' leisure time, and most importantly, leaving more savings in people’s pockets and providing opportunities for long-term financial stability.

Follow the Facebook page: Thairath Money at this linkhttps://www.facebook.com/ThairathMoney