- A new report says Sydney’s housing crisis is “crippling” the NSW economy and having a major impact on young people.
- Housing issues are a threat to the state’s future, a representative of the think tank that authored the report says.
- The proportion of income households are spending on rent is also a major issue highlighted by the report.
Young Sydneysiders at the start of their careers were feeling the biggest impact through restricted opportunities due to the problem of finding affordable housing, according to Waterford.
Housing market is ‘unfair’ and ‘intolerable’, rental affordability also in crisis
Rental availability and affordability are also at crisis levels, with 35.3 per cent of Sydney renter households experiencing the financial stress of paying more than 30 per cent of their monthly incomes on housing costs.
“If we don’t take urgent and sustained action, chronic housing unaffordability will continue to erode Sydney’s competitiveness on the global stage and our city’s long-term economic success,” Waterford said.
Report recommends zoning targets, increased government investment
It also recommended the government invest in building significantly more social and affordable housing, as well as increasing homes with good access to transport, open spaces, schools and other services.
The Community Housing Industry Association NSW said the crisis had been worsened by chronic neglect from successive governments, but there was an opportunity to address it in the upcoming state budget.
“56,000 families and individuals on the social housing waitlist will be watching to see if the state government is willing to take the steps needed to give them a secure, long-term home in this budget.”
https://www.sbs.com.au/news/article/sydney-is-second-only-to-hong-kong-in-housing-unaffordability-worldwide-a-new-report-says/jlrq9sw8u Housing in Sydney is nearly the least affordable of any city in the world, a new report says