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Wealthy elite taking over Australia's inner city real estate

Australia's wealthy elite are taking over the inner suburbs of major cities, forcing lower-paid strugglers towards the suburban fringe, a civic body says. It's a process that undermines the nation's social health by robbing cities of diverse populations, the Council of Capital City Lord Mayors (CCCLM) says. Wealth divide The CCCM deplores what it sees as an increasing gap between families who can afford to buy a home and profit from its capital growth, and those who struggle to afford any sort of housing. "Without affordable housing, capital cities become a place for the wealthy elite,'' Brisbane Lord Mayor Campbell Newman said today. "Housing costs, particularly in inner city areas, are driving out lower-paid workers and condemning them to long-distance commutes. 'Social polarisation' "These trends are contributing to a process of social polarisation in capital cities.'' Mr Campbell said the trend was bad for the labour market and also the social health of the nation's biggest cities, which he said had previously thrived because of a "diverse mix of people''. He said inclusionary zoning by councils was one method that could ensure more affordable housing was available in inner-city regions. Under this initiative, developers would be allowed to exceed the proscribed height restrictions on apartment blocks if their plans included units to be sold to the needy at discounted prices. The CCCLM, which meets three times a year, has produced an affordable housing policy document and is calling on the Federal Government to involve city councils in efforts to tackle the problem. The Partners in Prosperity' document will be presented to the Howard Government and the Labor opposition on August 16. Source: AAP
Jul 26, 2007