Yahoo Finance One group to get cheap rent in major city
The NSW government will invest $450m to build at least 400 new apartments in metro Sydney for essential workers to rent at a subsidised rate.
Essential workers including nurses, paramedics, teachers, allied health care workers, police officers and fire fighters are set to benefit from the build-to-rent scheme, which aims to “increase the supply of well built, well located, secure and accessible rental accommodation for the essential workers who keep Sydney running but are being priced out of the market,” the government said in a press release on Sunday.
The funding will enable Landcom, a NSW owned land and property development organisation, to acquire up to four new sites to build at least 400 new apartments in the next three years.
“Landcom will select sites with a preference for surplus government land identified as being suitable for housing with the specific locations to be determined,” the government said.
“The homes will be offered to essential workers at a discount to market rent, through a separate subsidy program.
“The Government will retain ownership of the housing with rental income available to help fund a potential future additional expansion of the Government’s key worker housing program.”
The apartments will be located in metro Sydney, with the aim of providing essential workers with the opportunity to work and live in the communities where they work.
Subject to planning approvals, construction is expected to begin on the first site in early 2026 with essential workers expected to be able to move in from late 2027.
Further details including the eligibility criteria and the rental subsidy will be available closer to the completion of the first site, the government said.
NSW Premier Chris Minns said housing affordability and availability were the “biggest single pressure” for people in New South Wales, with mortgage payments or rent the largest expense for most households, particularly for essential workers.
“NSW would grind to a halt without nurses, paramedics, teachers, police officers and firefighters, but many can’t afford a place to live in Sydney, close to where they work,” Mr Minns said.
“This has to change.
“We’re pulling every lever we have to tackle the housing crisis and one of the best ways to make rentals more affordable is to build more homes.”
Treasurer Daniel Mookhey, who will release the state budget on Tuesday, said the policy was a “must have” while “in the grip of a housing crisis”.
“This investment will give hospital staff on nightshift, police patrolling until late and so many other essential workers the chance to live near where they work,” he said.
