Labor Government Considers Rent Caps in NSW Amid Housing Crisis

“We might eventually see caps on rents introduced by Labor in NSW — the sky hasn’t fallen in in places like the ACT where they’ve been around for a while,” a NSW government backbencher muses.

Millennials and gen Zs will determine the next elections, according to Kos Samaras, RedBridge Group director and former Victorian Labor deputy campaign director. As these cohorts are priced out of the housing market, renting – for the first time – will become a tier-one issue for voters.Citing three groups in Sydney – those who own outright, those with a mortgage and renters – he says renters are the biggest, “and growing, and overwhelming among people under the age of 45”.

She argues the government is using an adversarial planning debate to deflect from the rental reforms promised by Labor before the state election – including no-fault eviction and allowing pets in rentals – which are still to materialise. Rental reform was a Labor election promise so had to be delivered. “And so the risk in my view is it becomes a trust and integrity problem if we don’t deliver it. But I’m not sure we are winning votes off it,” the source adds.

Reinforcing Jackson’s view, Samaras says renters recognise the effects on the market if rents are capped. “So although they will support the policy, they think in the real world, it won’t work out to their benefit. So they get quite nervous about rent freezes, and that’s the problem the Greens have,” he says.the prospect of rental caps in NSW, saying these will only serve to distort the market, driving rental supply off the market and exacerbating a problem the policy seeks to solve.

Labor Government Rent Caps NSW Housing Crisis Sydney Affordability Supply Shortages Interest Rate Hikes Migration Median Rent Unit Rents

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