> Singapore has a regressive shock absorber model where something like half the country are immigrants that are ineligible for, say, public housing
Singapore has about 1.5 million foreign workers[0] of the population of 6.1 million or just under 25%. Of that 1.5 million, 75% are WP holders who pay no tax and have housing provided as a condition of their employment. Why would you expect social housing to be provided for them?
Only about 5-6% of the population are on EPs and SPs. They are definitely vulnerable during a downturn, but they are professionals and they know the rules coming in. At least while they're here they enjoy low tax rates and don't have to contribute to CPF. If they fell into the expat trap of living the high life and didn't save, that's on them.