A new report by Equity Economics in collaboration with NCOSS, Shelter NSW, Community Housing Industry Association NSW, Tenants’ Union of NSW and Homelessness NSW, supports an investment in social and affordable housing along with repairing old social housing stock as a means of contributing towards the economic recovery in NSW.
The economic modelling estimates that as a result of COVID-19:
- The fall in international migration will reduce demand for housing by 38,500 units over 2020 and 2021
- As a result, up to 85,000 jobs in the residential construction sector in NSW are at risk
- 97,000 SMEs dependent on residential construction will be at risk
- Rising unemployment is expected to increase homelessness by between 7,905 and 16,140 people in NSW
- The cost of increased homelessness is estimated to be between $218 million and $445 million each year, as a result of higher health and social service costs.
The report identifies investment in social and affordable housing as a key policy lever that will assist in addressing these projected risks.
