A 3.3 per cent levy on new developments would reduce investment in housing on the Mornington Peninsula, says Rich Lister Sam Tarascio and other developers.
Already a subscriber?Developers including Rich Lister Sam Tarascio have slammed a proposal by the cash-strapped Mornington Peninsula Shire to levy a 3.3 per cent charge on new developments to fund the construction of between 600 and 1000 social and affordable homes.
This cost would then ultimately be passed on to buyers. Developments delivering a public benefit would be excluded. The levy would be implemented via changes to the Mornington Peninsula planning scheme. “Our community has asked us through two budget cycles to address housing and homelessness. We don’t have many levers to pull, we don’t have much money in our coffers, so this is something we can do through the planning scheme.
“This proposed levy will only make homes even more expensive, taking more supply out of the market, and reducing accessibility to those who need housing support at the lower end of the market.
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