Businesses are increasingly struggling to find and retain workers who can afford to live within an acceptable commuting range, as a major new study warns a chronic lack of affordable housing is set to cost taxpayers $25 billion a year | joshgordo
Businesses are increasingly struggling to find and retain workers who can afford to live within an acceptable commuting range, with a major new study warning a chronic lack of affordable housing is set to cost taxpayers $25 billion a year if nothing is done.
It warned if the current trend continues, more than 2 million households that are privately renting will hit the internationally recognised benchmark for housing stress by 2051, under which housing costs soak up at least 30 per cent of a household’s income.
“We are already hearing of businesses struggling to keep their doors open because the rising rental prices for housing are pushing their staff further out until they are beyond a reasonable commuting range.” “The lack of affordable housing is an issue of equal if not greater significance to the business sector given this is a problem that is only going to get worse without a nationally co-ordinated response at the highest levels of government and industry.”– made up of the Trenerry Property Group, Victor Smorgon Group and the Kanat Group – has spent about $10 million converting a nearby vacant aged care facility into low-cost accommodation for hotel workers.
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