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Strata reforms to unlock affordable housing

Release Date: 15/07/2015
The Sydney Business Chamber says draft strata reform bills released today by the New South Wales Government will help to increase new housing supply by making it easier to develop high-density affordable housing along the city’s key transport corridors.
The Executive Director of the Sydney Business Chamber, Patricia Forsythe said: “Increasing housing density along existing transport corridors is paramount if we are to accommodate Sydney’s projected population growth and encourage new housing developments closer to where people work.
“A key stumbling block for the development of affordable housing in Sydney is the current requirement for 100% of strata owners to be in agreement in order to sell a property.
“As we have argued for a number of years, this is out of step with other global cities and is preventing the ageing, medium-density apartment blocks around Sydney’s key transport corridors from being redeveloped into high-density affordable housing within reach of existing job centres.
“The draft strata reform bills released by the NSW Government simplify the process for collective sale and renewal of strata schemes, aligning Sydney with other global cities such as London, New York and Tokyo. 
“With recent media reports suggesting essential workers are struggling to afford housing in Sydney, these proposed strata reforms are a practical way to help boost housing supply and ensure people are able to live closer to where they work,” Mrs Forsythe said.
Media contact: Patricia Forsythe 0418 165 466 or Elizabeth Kelleher 0414 626 384

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