Labor releases $300 million plan to address housing affordability crisis

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A Foley Labor Government will deliver a $300 million suite of measures to address the state’s housing affordability crisis – without the need to privatise the electricity network. 

Under the Liberals we have seen housing affordability plummet. First home buyers have been driven out of the housing market, the waiting list for social housing has blown out and they have forced the closure of many specialist homelessness services across NSW.

A Labor Government will:

  • Release 20,000 lots for new homes;
  • Invest $100 million in the Housing Acceleration Fund to bring forward infrastructure projects to support new housing developments;
  • Provide $100 million worth of interest free loans for community housing providers to build new social and affordable housing;
  • Allow first home buyers to repay their stamp duty in instalments rather than one lump sum;
  • Invest $40 million to address homelessness;
  • Appoint a Minister for Housing and create a Premier’s Council on Affordable Housing;
  • Develop a comprehensive ten-year plan for affordable housing across NSW; and
  • Examine new shared equity models, housing designs and urban renewal opportunities.

Labor’s housing affordability plan will make it easier for people to own their own home, increase the supply of affordable rental and social housing, and improve support for 28,000 people in NSW who are homeless.

Quotes attributable to NSW Labor Leader Luke Foley:

“Owning your own home is an important milestone in the lives of many people.

“I don’t want to see future generations locked out of owning their own home.  A Labor Government will take a new approach to housing affordability by increasing land available for new homes, helping first home buyers, identifying urban renewal opportunities and supporting community housing initiatives and specialist homelessness services.

“The powerful Greater Sydney Commission that I have proposed and a new Premier’s Council for Affordable Housing will have a key role in driving our comprehensive affordable housing strategy.

“A Labor Government will also give first home buyers a better chance of securing their first home by allowing them to pay their stamp duty over a five year period instead of one lump sum upfront.  This is a common sense approach to give first homebuyers a leg up.”

Quotes attributable to Shadow Treasurer Michael Daley:

“Mike Baird has abandoned first home buyers – he’s ripped away more than $25,000 in financial support from them as Treasurer and at the same time, he started handing out $5,000 grants to cashed up investors.

“Under the Liberal Government’s watch, the number of first home buyers have plummeted from being about a quarter of home buyers to a 30 year low of just 10 per cent.

Quotes attributable to Shadow Minister for Housing Sophie Cotsis:

“The Liberals’ record on social housing has been absolutely appalling – no Minister for Housing has been appointed; they are selling off public housing in the iconic Millers Point community; and the waiting list for social housing has blown out to more than 120,000 people

“Labor’s housing affordability plan is about responding to the challenge of providing housing at every level – from those who can afford to purchase or are in the private rental market to those who need housing assistance and those who don’t have any type of housing at all.”

Read more about Labor's plan to tackle the housing affordability crisis.