The New South Wales Government is being urged to make a state budget investment to build more social housing, with new modelling highlighting its strong economic benefits. Source: SBS News.
The Equity Economics-led report, commissioned and released by the Community Housing Industry Association before today’s state budget, forecasts the benefits of constructing 5,000 extra social housing residences each year.
By meeting the average OECD benchmark on social housing supply, it found NSW would generate an extra $5.2 billion in extra economic activity and create 16,200 jobs.
Some 750 fewer people would become homeless every 12 months, saving the state government $13 million in health and social services costs.
Community Housing Industry Association NSW chief executive Mark Degotardi said the state was facing a “housing crisis”, with 50,000 households on the waiting list.
He said a commitment to 5000 extra social housing residences a year would “transform lives” and “deliver tangible economic benefits to the taxpayer”.
According to the report, the NSW Government would save $316 million if it partnered with the community housing sector to deliver the additional dwellings.