Greens Propose to Solve Housing Crisis With Government-Owned Properties

The Green Party’s plan to solve the housing crisis has been decried as “dystopian” by the Australia’s leading lobby group for property developers and owners. The nation’s vacancy rate has dropped to a record low 0.7 percent, driving up rent prices and demand for homelessness services. Meanwhile, 13 interest rate rises in almost two years have put pressure on mortgage holders as house prices continue to soar. In response, the Greens have proposed a $27.9 billion (US$18.3 billion) plan aimed at building 610,000 houses over the next decade through a government-owned property developer. These homes would be sold to first home buyers at a price just over the cost of construction, or rented out at a maximum of 25 percent of a household’s income....