Housing is not for housing
The housing allowance is part of the overall package.
I used it to pay for my apartments, then sold them and invested the money elsewhere. If you take housing away you are taking away the ability for many of us to make any money in HKG (the salary is spent on living costs).
Without housing there is no point putting up with the hassles of Hong Kong (poor education for kids, life shortening air pollution, bad food).
Yes, the company does want to keep cutting, but why the hell should we agree to this????