Minns Government urged to have the courage to act, as new report shows housing crisis is costing Sydney economy $10bn per year

Media release

7 September 2023

Community Housing Industry Association NSW (CHIA NSW) has called on the Minns Government to have the courage to invest in the social and affordable housing NSW families need, as a new report reveals the housing crisis is costing the Sydney economy $10 billion per year.

“The report shows that on every measure Sydney is in a housing crisis that has worsened over the last decade. And it’s no surprise when there’s been chronic neglect by successive state governments in social and affordable housing,” said Mark Degotardi, CEO, CHIA NSW.

“We know this is hurting families across NSW as they’re forced to go without essentials, and now we can see that it’s hurting the economy too,” Mr Degotardi said.

The report from Committee for Sydney found that Sydney meets the key metrics for chronic unaffordability: 

  • Sydney’s median property price is over 13.3 times the median income, up from 8.3 a decade ago
  • 35.3 per cent of Sydney renter households experience rental stress
  • Sydney is ranked second least affordable major housing market after Hong Kong.

The report calls for “much more investment in social and affordable housing”.  CHIA NSW urged the NSW Government to act urgently in the upcoming State Budget to address the growing crisis.

“The housing crisis must be the number one priority for the Minns Government.  With so many renters in housing stress, the need for government assistance is going to get worse.  It’s time for bold responses from the Minns Government to do what families in our state need, by funding social and affordable housing, starting with the state budget.

“56,000 families and individuals on the social housing waitlist will be watching to see if the State Government is willing to take the steps needed to give them a secure, long-term home this State Budget,” said Mr Degotardi.

“Investing in social and affordable housing has enormous positive impacts on families and communities.  It also benefits our economy, as it unlocks the opportunity for more people to participate in the critical jobs that Sydney needs the most.”

CHIA NSW said that not-for-profit community housing providers are ready to play a key role in solving the housing crisis.

“Not-for-profit community housing providers are ready to partner with the NSW Government to fix this housing emergency,” said Mr Degotardi.

“We have housing projects ready to go, we just need the injection of funds from the State Budget,” said Mr Degotardi.

Media contact: Kayla Foster, 0447 040 029