A Minns Labor Government will boost housing supply and deliver more affordable rental housing for regional New South Wales, beginning with $30 million for a pilot ‘Build to Rent’ program on the South Coast.
Under Labor’s plan, Landcom will be tasked with delivering the extra rental stock over two years.
Build to Rent programs usually involve the construction of multi-unit developments under a single owner where the property is held long term for rental purposes. The purpose of this scheme is to add to the supply of longer-term rentals in the housing market.
New South Wales is facing a rental affordability crisis, especially in regional areas of the state where there are simply fewer options. A lack of housing options means many regional communities are struggling to attract and retain key workers.
Landcom will identify existing surplus government land, work with local government on potential sites, and look for opportunities to acquire land to build on.
Any properties built on surplus government land will be subject to Labor’s mandatory requirement of 30 per cent of dwellings to be used for social, affordable and universal housing.
Rental properties will be managed by an appropriate government agency – like Teacher Housing or recently announced Homes NSW – or a community partner with any profits to be reinvested into social housing.
Lack of supply is one of the biggest drivers of the housing crisis, this pilot will increase the number of homes available. If it is successful, a Labor Government will look to expand the pilot into other regional areas.
Today’s announcement is part of Labor’s strategy to make housing more affordable for the people of New South Wales. With more housing policies still to come, a Minns Labor Government has already committed to:
- Removing or reduce stamp duty for 95 per cent of first home buyers;
- Abolishing the NSW Government’s forever land tax on the family home;
- Creating a Rental Commissioner;
- Protecting tenants from unfair evictions by requiring them to be given a lawful reason for terminating their lease;
- Banning the practice of secret rent-bidding, which pits tenants against each other in bidding war;
- Implementing a Portable Bond Scheme to allow tenants to apply their current bond to their next lease;
- Making it easier for renters to apply to have pets in their homes;
- Hosting a renter’s roundtable to hear from stakeholders and community groups;
- Charging the Greater Cities Commission to review and rebalance population and housing growth by setting new housing targets matched to infrastructure, especially around Metro lines;
- Introducing a mandatory requirement for 30 per cent of all homes built on surplus government land to be set aside for social, affordable and universal housing; and
- Providing longer term funding certainty for homelessness and housing support organisations and tenancy advocacy services dealing with the fall-out from the housing crisis.
Chris Minns, NSW Labor Leader said:
“Communities across regional NSW are in desperate need of affordable rental properties.”
“A Labor Government will directly intervene in regional housing markets to trial ways of delivering affordable rental housing, starting on the NSW South Coast.”
Paul Scully, NSW Labor NSW Shadow Minister for Planning and Public Spaces:
“Landcom is well-placed to lead this build-to-rent pilot that will help to increase the supply of rental properties on the South Coast where people are suffering from the dual impact of rising rents and low or no housing availability.”
“The lack of available rental properties is not only impacting individuals and families struggling to find a home, but it is also impacting the ability of businesses to attract and retain staff.”
Rose Jackson MLC, Shadow Minister for Housing and Homelessness:
“The lack of options is putting massive pressure on social housing wait lists, as well as forcing people into forms of homelessness.”
“I’ve heard stories of teachers and nurses across regional NSW living in tents or caravans because affordable rentals just don’t exist.”
“Residents of regional NSW have a clear choice in March - more of the same extreme rent rises and almost no affordable rental stock under the Liberals and Nationals – or a NSW Labor Government that takes this challenges seriously and is prepared to get directly involved to solve it.”