The Deloitte report ‘Commonwealth Social and Affordable Housing Policy Review’ of the Greater Wester Sydney (GWS) region notes that there will be a shortfall of 28,200 social and affordable homes by 2036, driven by an increase in homelessness by 41% over the last 5 years and growing housing affordability issues.
Ageing social housing stock, the widening gaps in living standards, the decline in housing completions and approvals and a booming property market and brought to the forefront the urgent need for additional social and affordable housing supply, especially for women, who are considered at heightened risk of homelessness across GWS.
The Opportunity is now
The report notes that the COVID-19 pandemic has caused significant damage to the Australian economy, businesses, and employment. It identifies social housing as vital infrastructure for Australia’s economic security, with proven capacity to create new jobs, kickstart the economy, and address current social housing shortfall.
The National Housing Finance & Investment Corporation (NHFIC) found that for every $1 million invested in social housing development, an average of nine FTE jobs are created.
The report concludes that the delivery of social and affordable housing requires strategic long-term planning and coordination, but the investment will return maximum social, environmental and economic impact. Recognising this impact, at a time when economic recovery is required, is key.