The Property Council of Australia issued a strong call to all Federal parliamentarians yesterday (14 August 2024), to help fix the housing crisis by accepting compromise legislation that will unlock an unprecedented 105,000 Build to Rent homes by 2034.
EY modelling shows that while the compromise proposal is not as beneficial to housing supply as the Property Council’s original model, it still delivers a substantial blow for housing supply which will put downward pressure on rents.
Supported by the Community Housing Industry Association (CHIA) and National Shelter, this compromise plan marks a significant shift in the Federal Government’s approach to the housing crisis.
The legislative amendments stand as the largest national housing contribution of this century, underscoring the need for swift and decisive action to tackle Australia’s worsening housing shortage.
Fronting a joint press conference at Parliament House yesterday to discuss the legislation currently in front of a Senate committee, Property Council Chief Executive Mike Zorbas said the Senate should green light the legislative amendments.
“The prize is 105,000 new homes adding to much needed supply. 105,000 homes is double the number currently supplied by the Housing Australia Future Fund. Accepting this proposal will create a record setting housing contribution by a Federal Parliament. Every MP that backs this proposal is helping to house more Australians. That is a proud legacy.”
Mike Zorbas, Chief Executive, Property Council
Mike appeared before the Senate Economics Legislation Committee on 7 August 2024, urging modifications to the proposed Build to Rent legislation to support the creation of the 105,000 rental homes target.
