Understanding the ingredients for successful urban revitalisation and getting the right mix of tenants is essential for the sustainability of communities.
As the government agency leading urban transformation in the State of New South Wales, UrbanGrowth NSW held a forum with Professor Peiser to identify key learnings from the United States that can be applied to drive sustainable affordable housing.
UrbanGrowth NSW has adopted several different affordable housing approaches including shared equity schemes and long term rental programs with guaranteed affordable housing quotas to deliver commercially viable and socially responsible developments.
Professor Peiser reinforced the need to work with rather than against market forces to provide affordable housing.
Case studies from three inner city revitalisation projects in the United States including Waltham in Boston, Pasadena in California, and the Hudson Yards in New York provide valuable insights.
Key elements for a successful and sustainable community included;
10-15% affordable housing with the remainder market rate housing
a public – private partnership
integrated mass transit and/or inexpensive parking options that open up access to the area
continuous, activated sidewalks and alleyways with quality urban design and landscaping to support retail development
a mix of civic and cultural uses to create a virtuous cycle of added value
a phased approach to development that brings to market the quantity and quality of housing that meets demand
a high ratio of private returns for every public dollar invested is a good measure of success
View photos of the event here