The Property Council of Australia has commended the NSW Labor Party on their commitment to deliver extra rental stock in the South Coast through their $30 million Build-to-Rent pilot program, if elected in March.
Property Council”s Acting NSW Executive Director Adina Cirson said New South Wales was in the midst of a rental crisis with record low vacancies and fast rising rental prices.
“Delivering more housing supply is the best chance we have of easing the regional rental squeeze across NSW,” Ms Cirson said.
“NSW Labor”s plan to use surplus government land and purchase new land for BTR developments is exactly the sort of government intervention we need to tackle the housing crisis head on.
“This welcomed announcement mirrors our recommendation in our election platform and encourage the Opposition to expand the pilot to provide subsidies to the private sector to also deliver all BTR projects, improve tax concessions and develop a BTR design guide.
“The Federal Government”s Housing Accord showed big capital is lining up to invest in the housing market and we shouldn”t stand in their way, which is why we also encourage the next NSW Government to lobby the Federal Government to reduce the 30 per cent withholding tax on foreign investment in BTR developments.”
Ms Cirson said offering a long-term rental subsidy to BTR providers to deliver affordable housing within BTR developments would ultimately deliver more housing supply to the regions.
“Under the program, a set percentage of dwellings could be provided at discounted rent via a 10-15 year subsidy to providers to meet the growing demand for secure long-term rental properties.”