This City is Losing $10 Billion a Year From the Housing Crisis: Research

People look at a signboard of a property for sale in Sydney, Australia, on May 5, 2022. Brendon Thorne/Getty Images

Sydney’s housing crisis is costing its economy over $10 billion (US$6.4 billion) a year or 2 percent of the city’s annual GDP due to a loss of talent, innovation, and productivity, according to new research.

The urban policy think tank Committee for Sydney in its new report “Chronically Unaffordable Housing” published on Sept. 9 emphasised that the housing crisis in the city was not a short-term problem and was now chronic.