Agreed, but LYK had ulterior motives with HDBs - he was very worried about creating a Singaporean identity. And believed that home ownership was a key part of that identity (“my home is Singapore”). He also acknowledged that a large part of the population living in kampungs didn’t foster political stability.
So yes, a massive public housing system is socialist in nature, but I’d agree it was entirely a politically practical initiative for Singapore.
And that’s what is so interesting. LYK mentioned his admiration for Deng Xiaopeng - an eminently practical leader. Capitalist, socialist, whatever, if it works it works and Singapore is willing to leverage it.
But it makes for an odd political scene. PAP will admit failure, as long as it’s not politically damaging. Otherwise they quietly take the pulse of the electorate and try to stay ahead of any issues.
It’s a very reactive semi-authoritarian system. They are concerned about losing legitimacy so work hard to stay popular.