28 May 2008
Developers have backed a recommendation by the Independent Commission Against Corruption to cancel the Quattro development consent.
The circumstances surrounding the issue of this particular development consent are appalling, Mr Gadiel said.
The behaviour detailed at the Commissions hearings sickens the thousands of people working in NSW property development who do the right thing.
As an industry were pleased that the States corruption watchdog indentified and exposed this serious wrong-doing. Its also crucial that – as a community – we dont let our justifiable disgust at corruption blind us to the essential role of property development.
Property development helps solve major social and economic problems.
Without new residential housing growth there would be a loss of 52,600 construction jobs in NSW, $6.6 billion ripped out of the States economy and home ownership could be pushed out of the reach of average families.
There would be a shortfall in new housing starts of close to 29,000 a year.
There would also be a decline of 216,000 new jobs a year in related industries such as building suppliers and industry support services.
NSW residents would be forced to move interstate, away from family and friends, because of higher land and housing costs. Rents would skyrocket even more.
The Urban Taskforce is a property development industry group, representing Australias most prominent property developers and equity financiers.
Media Enquires:
Aaron Gadiel,
Chief Executive Officer,
Phone: 0417 477 904 or (02) 9238 3955
