'Affordable' housing programs are the enemy of genuinely affordable housing.
There are two broad types:
The first is built by not-for-profit providers - they're often handed government land, exempt from taxes like land tax and stamp duty, and funded directly by taxpayers.
The second is built by private developers - who get loaded up with costly requirements and must sell a portion of the units at a discounted rate (or pay a massive fee instead) for them be subsidised by taxpayers.
Neither is efficient. Both come with insane levels of bureaucracy. And both end up delivering fewer homes at higher cost.
Look at the federal government's flagship $10 billion housing fund: billions committed, and just 1,432 of 40,000 promised homes built by April this year.
There's a much simpler fix: reduce red tape and taxes so the private sector can build cheaper homes, and have government build social housing directly.
Stop dressing up red tape as housing policy.
So-called "affordable" housing is a rare kind of bad policy: one that only gets worse the more you look at it.
Per the Auditor-General: in Victoria, we are somehow spending more Commonwealth money on average per "affordable" dwelling, than per social dwelling.