The City of Cape Town announced the release of its New Market Street property for social housing development following the City Council's approval today, 25 May 2023:
to optimise the provision of social housing on the properties it releases, aiming to maximise the number of available social housing units.
‘We pledged faster land release for more affordable housing, and in the year this priority project has been running, we have delivered five inner city land parcels, totalling over 1 300 social housing units, through this Council,’ said Mayor Hill-Lewis. ‘Put simply, the City discounts land we release to enable social housing institutions and private developers to run viable projects. Projects generally need to be mixed-use to be viable, with some retail space and market residential units cross-subsidising the social housing units on the site,’ said the mayor.
‘In the past, many of the City’s land release efforts have been stalled by a lack of clear, institutionalised guidelines for how to discount our land for social and affordable housing.’
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