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The NSW Government is increasing the share of social and affordable housing in its $3-billion Waterloo Estate as the housing crisis continues.
The renewal partner consortium, expected to be announced next year, would develop more than 3000 homes on the site, as well as commercial and community space.
The mix of social and affordable homes was increased to 50 per cent from 34 per cent and at least 15 per cent of the homes in the estate would be dedicated for First Nations people.
These apartments would replace the “terrible conditions” experienced by current tenants in the inner-south suburb of Sydney.
Earlier this year, land near the future Waterloo Metro station was rezoned to allow for four tall towers between 27-33 storeys as well as multiple medium and low rise buildings within the estate.
State member for Heffron Ron Hoenig said the renewal would help ensure constituents had a better quality of life than they could possibly have in existing accommodation.
“A lifetime spent in the criminal justice system did not prepare me for what I found. We need to improve the standard of living for residents and this renewal is part of that work,” Hoenig said.
“While there have been substantial improvements over time, many of the buildings have reached their use-by date and are in desperate need of renewal.
“There is also a considerable shortage of social and affordable housing in the Waterloo area, so I welcome the government’s efforts to increase the supply of secure housing for vulnerable members of the community.”
NSW premier Chris Minns said everyone deserved access to safe and secure shelter.
“We have a housing crisis in NSW and it is on all of us to work together to address the challenges. Part of that challenge is the lack of supply,” Minns said.
“Delivering more housing is crucial and we’ve introduced a suite of planning reforms and commitments to deliver more social and affordable housing as a start, but there is so much more to do.”
Existing Waterloo South tenants would be relocated in small stages with the process starting in mid-2024 and would be given the right to return once the renewal was completed.
The 10.6ha site, just south of the future Waterloo Metro station, along Cope Street, currently contains 749 social housing dwellings and 120 private dwellings, as well as 3000sq m of commercial and other uses.
