If nothing is done, the housing crisis in Sydney represents a threat to the economic future of the city, the report's authors argue.
A new report says Sydney's housing crisis is "crippling" the NSW economy and having a major impact on young people.
Sydney's housing crisis is "crippling" the NSW economy and having a major impact on young people, costing the city an estimated $10 billion a year in lost productivity. 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.Premier Chris Minns said a median house price of more than $1 million was "intolerable" for the next generation and crippling the economy.
"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.The report recommended three key actions to help fix the issue, beginning with the introduction of a zoning target to include affordable housing in new developments in all areas.
But the premier denied charging developers extra fees of up to $12,000 per home from October, to help cover the costs of additional infrastructure, would make increasing supply even harder.
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