LABOR TAKES ACTION ON AFFORDABLE HOUSING BY PROVIDING REAL HOMES FOR LOW AND MIDDLE INCOME FAMILIES

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A Foley Labor government will tackle the housing affordability crisis head-on with new mandatory housing targets that will make available tens of thousands of homes for people on low and middle incomes to rent and purchase.

Under Labor’s policy at least 25% of new properties constructed on government-owned land will be set aside as Affordable Housing for families and young people struggling to get a home.

In addition 15% of new properties arising from rezoning on private land will also be set aside as Affordable Housing.

As a first step Labor will conduct a statewide audit of all publicly-owned land and create an Affordable Housing Land Register for land that will be fast-tracked for housing development by the government’s property development arm, Urban Growth, which will be refocused with a mandate to develop and bring to market affordable homes.

  • 25% of dwellings constructed on government-owned land that is being redeveloped will be designated as Affordable Housing;
  • 15% of dwellings on privately-owned land rezoned for housing will be designated as Affordable Housing;
  • Conduct a full audit of all publicly-owned land and create an Affordable Housing Land Register; and
  • Refocus Urban Growth to prioritise the development of affordable, social and mixed housing.

Taken together the initiatives will each year deliver close to 25,000 affordable homes and in the process enable those on low to moderate incomes to rent at an affordable rate and save for a home, or purchase one at below the market rate.

Strict regulations around floor space and quality of build will be imposed on developers to ensure all new affordable houses and units meet minimum standards.

It is the latest plank in Labor’s Affordable Homes In Sydney housing policy that to date has included the following initiatives:

 Support for reform of negative gearing and halving capital gains tax discounts;

 Raise the Foreign Investor Stamp Duty Surcharge from 4% to 7%;

 Double the Land Tax Surcharge from 0.75% to 1.5%; and

 Tax properties that have been left vacant for more than six months.

Today’s announcement comes as the Liberal National Government and its federal counterparts fail to address the housing affordability crisis, despite the Premier’s pledge from the day she took office that she would fix it. And, while the State Government dithers:

- Sydney’s median house price tops $1.15 million;

- First home buyers make up less than 8 per cent of those taking out loans;

- Just 1 per cent of rental properties are affordable to those on a minimum wage; and

- Sydney house prices are now over 12 times the average annual income.

Quotes attributable to NSW Opposition Leader Luke Foley

“Labor has a plan and a vision for dealing with the housing affordability crisis and it involves real action not hollow promises and gimmicks.

“Under Labor’s plan families and those on moderate incomes struggling to get a roof over their heads will now have a chance of living closer to work.

“Premier Berejiklian and her government continue to view publically-owned land as a revenue-raiser rather than as an asset to help people get a home.

“Her inaction has only led to greater uncertainty for developers and more heartache for families who see their dream of owning a family home receding day by day.

“Labor will take to the next state election a comprehensive plan to level the playing field in favour of home buyers and help those on modest incomes get a roof over their heads.”

Quotes attributable to Deputy Opposition Leader and Shadow Minister for Planning Michael Daley

“It is a crisis that will see more people every year leave NSW in search of an affordable home.

“Whilst the Liberal Government has been idle, the growth in housing prices has outpaced the incomes of many in Sydney.”

“On the day Gladys Berejiklian became Premier, she said that housing affordability was the ‘biggest issue people have across the state ’, and since that time the Liberal-National Government have been all talk and no action. Labor’s plan will actually deliver thousands of homes to people on low to middle incomes.”