SA's Labor Party has made yet another pre-election vow, this time focusing on affordable CBD living. If re-elected, the state government will establish a $500 million dollar pre-sale guarantee fund which they say will see the development of more affordable apartment buildings in the city.
00:00A major Labor election promise in a bid to move toward affordable city living just five months out from the state election.
00:10Our city needs to build out and up so that future generations have that shot of home ownership.
00:20The Premier announcing at the Labor state convention a commitment to building apartments in the CBD that will hit the market for a million dollars or less.
00:30Today I announce that a re-elected Labor government in this state will allocate half a billion dollars to getting all of those projects out of the ground.
00:41But the opposition says the price range is far from affordable.
00:45If the government is labelling a million dollars as an affordable home well that would be very interesting news for South Australians.
00:51Labor cited figures that show over the last ten years almost two and a half thousand apartments have not started construction despite receiving planning approval.
01:01The party promises if re-elected to assist in ensuring the timely construction of the CBD apartments.
01:08At the moment the pre-sale requirements for a financier to invest in a development like this are very high indeed.
01:16And at the mid-tier that doesn't necessarily stack up.
01:19Other tough criteria would be put in place.
01:22Labor says developments would need to be able to start construction within six months of being given approval to be eligible.
01:29Some property developers are backing the vow.
01:32We need to have affordable housing for key workers and we need to have affordable housing for families that want to come in and live in the city of Adelaide.
01:44The Premier says this is yet another step toward fixing the state's housing affordability crisis.
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