Ndifuna Ukwazi: CT inner-city housing stock needs to stay affordable
The group wants the developers to commit to including affordable housing in its plans as FWJK's current promise of 'entry-level, lower-cost apartments' is 'too vague'.
CAPE TOWN - Lobby group Ndifuna Ukwazi says housing stock needs to stay affordable over the long-term to give the poor a piece of the inner-city pie.
The group has requested that the City of Cape Town hold off on giving property developers FWJK the green light to start construction of what will be the tallest building in the “Mother City”.
The group wants the developers to commit to including affordable housing in its plans as FWJK's current promise of "entry-level, lower-cost apartments" is "too vague".
Construction of the 42-storey Zero2One tower, comprising of 624 apartments, is scheduled to start in August 2017 to be complete in March 2020.
FWJK Developments says over 100 apartments will be available to buy for less than R800, 000 per unit in 2020.
Ndifuna Ukwazi's Julian Sendin says: “If you create an unaffordable housing stock or an affordable apartment to sell, what’s going to happen to that? Someone’s going to buy it and sell it on in a year’s time for a million, R2 million. That’s what happens in a hot property market, which we have.”
Sendin adds that long-term affordable housing stock in the inner-city needs to be introduced.
“What we need to do is create stock that we make sure that its stays affordable in the long term which would mean that we have staff that is bought and managed by an institution, such as a social housing institution.”