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A new regulation has been gazetted under the cover of Christmas last week which will see any development which involves improvements to “affordable housing” slugged with an affordable housing levy.
Affordable Housing is defined for the purpose of this tax as being any home where the rent is below the “median rent” for all home in an Local Government Area (the mid-point on the scale of rent from $0 per week to the highest rental in the LGA).
This “levy” (tax) is a legacy from an old policy and has fallen into dis-use due to its complexity and lack of applicability. But under the stewardship of the Housing Diversity State Environmental Planning Policy on Housing Diversity, it has risen like Lazarus to slow down anyone prepared to invest at this most difficult of economic times.
