Gentrification of Housing Stress

770 Words Feb 24th, 2018 3 Pages
This trend will drive the housing market price up, decrease housing affordability and deter outsiders into joining the community. The existing housing units will experience financial hardships, housing stress, and a gradual deprivation of a means to cope with increasing basic living costs. In order to combat this ongoing issue, speculative approaches by the City have been in consideration.¬¬¬¬
The aim of the City of Sydney Affordable Rental Housing State Environmental Planning Policy Strategy (SEPP) is to protect existing affordable housing and to facilitate ¬¬¬¬¬new affordable housing in the City of Sydney to provide for social, cultural, environmental and economic sustainability. The key of this strategy is to increase the amount of affordable rental housing in the local area to very low, low and moderate income households; protect existing stock of low cost rental accommodation; encourage a diverse range of housing in the local area; and work with other inner Sydney councils to address affordable rental housing at a regional level. According to the SEPP, affordable housing is refers to housing that does not take more than 30% of a very low, low or moderate household’s income. It defines affordable housing as very low income household as…
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