【明報專訊】The government has announced that it is considering halting the legislation for a first-hand property vacancy tax ''in response to the latest economic situation''. The move will of course delight property developers, but whether it is appropriate to bring such a premature end to the legislation is worth discussion. Although it is indisputable that the economy has been battered by the pandemic, the price of property has not seen a significant downward revision. Property prices in the city have fallen by only about 5% from the historical highs. The pandemic has brought global interest rates to a low level. Hong Kong has a strong demand for housing but the supply has remained persistently tight. According to the government's figures, the number of unoccupied first-hand private units has kept increasing over the past two years. They include not only luxury properties, but also ordinary flats that target the middle-class market. For developers who hold an optimistic view about the outlook of the property market after the pandemic, it is possible that their ''reluctance to sell'' may aggravate. The goal of the vacancy tax was to tackle hoarding and increase housing supply. This goal should not be changed.