A Greens councillor wants the City of Sydney to spend at least a quarter of the $817.5 million it has in the bank to purchase property after the council backed away from its affordable housing targets, calling them “aspirational”.
But Ellsmore said the council had at least $220 million cash that “it doesn’t have any plan for” and could spend it on affordable homes without strain on council finances. Planning Minister Paul Scully said all options should be considered when it comes to addressing the housing crisis and local councils should focus on increasing the supply of homes in their area.
Ellsmore’s report said the proportion of social housing in inner-city Sydney will decline from 7.9 per cent in 2022 to 7.5 per cent in 2036, with affordable housing projected to increase from 1 per cent in 2022 to 2.9 per cent.