At Monday night's Council meeting, we endorsed the City's Housing Issues Paper. The paper calls on state and federal policymakers to bring together financiers, developers and community housing providers to offer essential workers in Sydney a bigger mix of accommodation and tenures.
Sydney is in the grips of a housing affordability crisis and all levels of government need to work together on solutions. A diverse housing supply is fundamental to the cultural and social vitality, economic growth and liveability of Sydney.
The growing appeal of inner-Sydney real estate to high-income earners and domestic and foreign investors is pushing up property prices beyond the reach of many.
Essential workers, such as nurses, teachers, police officers, cleaners and bus drivers, are being forced out to outlying suburbs while many young adults struggle to realise their independence.
Together we need to look at new models of large-scale affordable rental housing that is delivered through partnerships among private developers, institutional investors, the not-for-profit sector and governments.
Other global cities, such as New York and London, are tackling housing affordability through proactive policies and strategies backed by significant funding commitments.
Today just over 750 dwellings in the City of Sydney are tenanted as affordable rentals, where residents pay no more than 30 per cent of their household salary. At less than one per cent of all homes, current affordable housing supply offers little support to the 50,000 key workers who keep the city running and make up 15 per cent of the workforce.
Innovative ways to achieve this include shared equity schemes that have offered a leg-up to home ownership in other states and subsidies to community housing providers at urban renewal sites across the city.
The City's housing issues paper follows the recent Housing Diversity Summit at Town Hall House, which drew 140 experts from private, community and government sectors.
Click here to read the Housing Issues Paper.