Businesses are increasingly struggling to lure and retain workers as a chronic lack of affordable housing costs the economy at least $10 billion a year.
Businesses are struggling to lure and retain workers as Sydney joins Hong Kong and San Francisco as the world’s most unaffordable cities and a new study warns the housing crisis is costing the city’s economy at least $10 billion a year., some businesses have reported workers moving to cheaper housing in Melbourne and “air commuting” to Sydney, while others are struggling to keep young workers and graduates who are priced out of the market.
The international benchmarking study, compiled by the Committee for Sydney with urban intelligence firm The Business of Cities, said Sydney had joined Hong Kong, the San Francisco Bay Area, Tel Aviv and Vancouver as the most chronically unaffordable global cities in their region.
“We’re going to lose more people, and we’re not going to gain as many people. San Francisco is having the same challenge.” Committee for Sydney planning and housing policy manager Estelle Grech said the housing affordability crisis was also an opportunity for authorities to rethink the way in which they planned so-called “innovation precincts”, such as the much-vaunted Tech Central corridor in inner Sydney.
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