Sydneysiders must accept residential property development
Anti-development campaigners are holding up progress in the residential property industry, according to the McKell Institute.
ANGLICARE's recent survey found that less than one per cent of Sydney's available rental properties are actually affordable for low income families, so the institute has suggested that campaigners against development are exacerbating the problem.
The campaigners are known as 'NIMBY's (not-in-my-backyard), and McKell Institute’s executive director Peter Bentley said of them; "For too long we have framed NIMBYs as plucky Davids fighting terrible developer Goliaths."
"The irony is, that far from improving their neighbourhoods, they are actually eroding Sydney.
Because of anti-development crusaders we are building fewer and fewer homes," he explained.
Data from the Australian Bureau of Statistics already shows inner Sydney to be the most densely populated area in the country, with over 13,000 residents per square metre, but the McKell Institute that residents must accept further development to beat the property shortage.
Pointing out that homelessness in the city has increased by over 31 per cent in the last five years, the institute highlights the difficulty for first time buyers trying to get into a market where there simply aren't enough properties to go around.