The City of Sydney has revealed the Alternative Housing Ideas Challenge, which calls for new ideas to bring new supply at lower price points to the existing stock in the city, with focus on financing, management and design.
The competition is open to anyone that is interested in seeing change in the housing sector, where six winners will be chosen by a jury with $20,000 each up for grabs for the winners to develop their ideas.
Lord mayor Clover Moore said that Sydney is facing “a housing affordability crisis” and there is a need to address it with “a diversity of housing” in order to then support diversity in the local community.
“The city has assisted in the construction of 835 new affordable housing dwellings since 2004, by collecting levies from developers and selling our land to affordable housing providers at discount rates,” Ms Moore said.
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Source: Smart Property Investment