Artist renderings of public housing built by a proposed government-owned developer have been released by the Greens — as well as their $40 billion price tag.
A rendering property in Tweed Heads that would be built under the Greens ' public developer scheme.A public property developer could build several hundred thousand homes at a cost of $40 billion, a policy costing has found.
The Greens say by way of comparison the federal government lost $12 billion in revenue this year alone through negative gearing and capital gains tax discounts offered to property investors. The Greens say their public developer plan would open up significantly cheaper properties to buy or rent.The electorate of Richmond, which contains Tweed Heads, is one of the seats the Greens will target in the federal election, saying they would only need a 1.8 percentage point increase in their primary vote to win, based on results from the last election.
PBO was asked to estimate the costs of that policy, which it put at $6.4 billion over four years and $40 billion over a decade, taking into account operating costs, interest and debt and rental sales income. Despite recent federal and state government efforts to boost housing supply towards a goal of 1.2 million new homes over five years, new building approvals have remained sluggish, posing a challenge for the Greens proposal.
Public Housing Developer Parliamentary Budget Office Cost Rentals Home Ownership
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