Tapera's postponement should not be seen in isolation. It is symptomatic of a broader, systemic problem in the housing market, where affordability and availability are becoming increasingly unattainable for many Indonesians. Globally, the United Nations predicts that 40 percent of the population will need access to decent housing by 2030. 

Indonesia, Southeast Asia's most populous economy, is now on the brink of a housing crisis. As of 2022, 12.7 million households, representing 16 percent of national households, do not own their homes. This situation is projected to worsen as younger generations find it increasingly difficult to secure housing.

During the Millennial Housing for Indonesia inauguration on April 13, State-Owned Enterprises Minister Erick Thohir revealed that 81 million millennials still did not own homes.

The primary reason for housing's unaffordability is the inflation rate of property prices, which far exceeds wage growth. Last year, the average minimum wage increase was just 1.09 percent, while the national property price index surged by 5.8 percent. This disparity highlights the growing gap between income and housing costs, making homeownership an elusive dream for many, especially the younger generation.

Addressing this issue requires urgent attention and strategic policies. If the gap between wages and property prices is left unchecked, the housing crisis will continue to deepen, further alienating millions from the fundamental security of owning a home.

The backlog of housing needs in Indonesia remains alarmingly high, which stands at 12.75 million units, according to the 2020 National Socio-Economic Survey (Susenas). Reducing this backlog requires collaboration between the government, property developers and the banking industry.