An impossible task? Neoliberalism, the financialisation of housing and the City of Sydney’s endeavours to address its housing affordability crisis

Abstract

The high cost of accommodation in the City of Sydney local government area (LGA) makes it difficult for low-income and even moderate-income households to retain their accommodation or move into the area. In response, the City of Sydney has set a target that 7.5% of housing (approximately 11,000 homes) should be affordable housing by 2030. Drawing primarily on City of Sydney and New South Wales (NSW) government publications, the article examines the endeavours by the City of Sydney to increase the quantity of affordable housing in the LGA. The article reviews the policies adopted by the City of Sydney and the challenges it faces. It shows that the overriding challenge is the reluctance of the NSW government to put in place policies that would substantially increase the quantity of affordable housing in the City of Sydney LGA. A central argument is that the NSW government’s rigid adherence to the neoliberal/financialisation of housing perspective outlined in the article, makes it extremely difficult for the state government to put in place the policies required.