An excellent step taken by SCC. In her latest newsletter Mayor Clover Moore addresses the need for affordable housing to be in perpetuity and capped at 30% of income. She mentions the unaffordable level of 20% less than market value as used by developers and sanctioned by State government (the disgusting fast track method).
The above points are delivered by Clover in the read more link at the end of the article which when opened takes you to her announcement on Facebook.
PPPG has contributed to opening the issue on the unacceptable State development pathways and helping the City reach ways of expression.
Dear Friend,
It has been a week of celebrating important building milestones and progress on new housing that will support our growing city.
On Monday I was thrilled to help turn the sod on Acacia Apartments – a $255m affordable housing project delivered by City West Housing, made possible through City of Sydney developer contributions and discounted land sale.
The project is a genuine collaboration, with federal Housing Australia Future Fund contributions as well as construction finance support from the Commonwealth Bank and of course, City West’s equity, delivery and management.
These 264 homes will also be genuinely affordable, with rents according to household income and will be in perpetuity.
Affordable housing is essential for a diverse, cohesive and economically successful global city. That’s why we use all levers available to us to maximise genuinely affordable housing.
The City has contributed to 4,183 affordable housing dwellings, with a further 1,950 projected, ensuring lower income households remain an integral part of our community.
And while we support building for the future, the City also supports development that protects the character that makes our city unique.
On Thursday we marked the topping out of Queensgate, Potts Point. This mixed-use development on Darlinghurst Road respects and retains the distinctive heritage of the area.
It has refurbished and renovated historically significant buildings including the Lowestoft and former Bourbon and Beefsteak bar.
Queensgate will also revitalise both the buildings and surrounding neighbourhood, which the City supported with public domain improvements in Macleay Street, the upcoming upgrade of Victoria Street and the introduction of designated share bike parking.
Congratulations to all involved in bringing these projects to life and delivering more homes across our city.