$2 Billion will Boost Housing Stocks to Reduce Rent Pressures
Source: Victoria. Minister for Housing. Media Release
"Figures published today in the December Quarter 2008 Rental Report show annual increases of 10.9 per cent for metropolitan areas and 7.4 per cent in regional areas in the year to December 2008. Housing Minister Richard Wynne said the data underlined the importance of measures the Brumby Government was taking to dramatically increase supplies of public and other affordable housing. Five thousand new homes will be built and added to stocks over the next two years, which will help those Victorians most in need, while creating or securing more than 3000 jobs.“Increasing supply is the most effective way of reducing upward pressure on rents. The Rudd Government’s funding, in addition to our own record of more than $580 million allocated over the past two years, will make a very real difference to the lives of thousands of Victorians,” Mr Wynne said. “The Brumby Government is taking action to provide more than 5000 new homes over the next two years for those Victorians most in need, delivering on the $1.5 billion allocated to the state from the Commonwealth stimulus package.”