Housing affordability crisis

Calls for greater land releases to address Sydney’s housing affordability crisis are unsustainable and won’t solve the problem according to NSW Greens MP and housing spokesperson, Sylvia Hale.

The Greens are proposing instead that all new housing developments across Sydney include affordable housing units for low and moderate income workers, subsidised by a combination of developer levies and government investment.

“The Greens proposal is based on similar schemes in other global cities like London, Paris and New Jersey. What we are suggesting is not radical or unusual - it has been implemented successfully in many other cities,” said Ms Hale.

“Sydney is one of the least affordable cities in the world. Housing is more affordable in New York. Housing affordability indicators are deteriorating and home ownership is rapidly retreating into the distance for first homebuyers,” said Ms Hale.

“While one generation of Sydney-siders is enjoying the benefit of increased housing prices, the next generation is suffering the consequences by being forced out of Sydney to find somewhere they can afford to live. Where will Sydney be when key workers like teachers, nurses, police and aged and child care workers can’t afford to live here?” asked Ms Hale.

“Endlessly releasing more land is not the answer. There’s not much point releasing $450,000 house and land packages on Sydney’s fringe if the median income earner can’t afford the deposit or repayments. Even for those who can afford to buy in, the commuting costs are prohibitive.”

“New greenfield housing releases are already chewing up the fertile agricultural land that surrounds Sydney- land that we are going to need more than ever to grow food as the effects of climate change make the inland less productive.”

“We can’t rely on concreting Sydney’s hinterland and the coast, or twiddling around with stamp duty formulas. We need a mechanism to provide genuinely affordable housing within all suburbs,” said Ms Hale.