The NSW government is being urged to make a state budget investment to build more social housing, with new modelling highlighting its strong economic benefits.
Subscribe now for unlimited access.
or signup to continue reading
The Equity Economics-led report, commissioned and released by the Community Housing Industry Association before the NSW budget on Tuesday, forecasts the benefits of constructing 5000 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.
"This waiting list won't be cleared overnight, but it is critical the NSW government sets its sight on addressing the backlog in this week's budget," he said in a statement on Monday.
"A commitment to 5000 extra social housing dwellings each year would transform lives and, as this report shows, 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.
Mr Degotardi said community housing providers had built thousands of new homes across NSW in less than decade, contributing $1.2 billion to the state's economy.
"We can do much more with more government support," he said.
"A significant, long-term funding commitment in this week's budget would help to address NSW's housing affordability crisis and deliver thousands of new jobs across the state."
Australian Associated Press
