The housing crisis is solved!
The NSW Labor government will spend $5.1 billion on building 8400 social homes – with half of those specifically for women and children fleeing domestic violence — in the biggest investment in public housing in the state’s history.
NSW population is currently growing at 160k persons per annum.
Treasurer Mookhey’s breakthrough investment will cover roughly 9% of this number or about 33 days of immigration.
Let’s be generous and use the forward estimates of population growth to make it 60 days.
Should this be represented by the media as anything other than a catastrophic failure of policy?
Not to mention that if we instead slashed immigration, triggering much lower interest rates and a building boom, it is entirely likely that there would be 4000 fewer cases of domestic violence because Australian families weren’t being forced to ignore Maslow’s hierarchy of needs.
Mr Mookhey does not control the immigration spigot but he is not putting any pressure on Canberra to close it.
As for private building, it’s more of the same symbolism over substance:
NSW Treasurer Daniel Mookhey has unveiled an ambitious plan to build 30,000 new homes on government-owned land in a bid to make home ownership achievable.
This is about four months of dwelling supply at current population growth rates.
In short, the NSW budget is dedicated to making the housing crisis worse.
