as claimed by the Victorian Government?
As best as I can find in the SRL Business Case (https://lnkd.in/gy_SW3Qx), the claimed increase in dwellings across SRL East is just +25,000 over the Base Case (i.e. do nothing).
Also, the KPMG Australia modelling behind the business case reveals the 25,000 extra dwellings in those SRL precincts come at the expense of development in other areas – its a redistribution, not extra dwellings!
Not to mention the assumed $180k per dwelling in development uplift taxes that are expected to fund the $12 billion contribution expected from value uplift if you gain 70,000 dwellings. Or $480k per dwelling if you only get 25,000 extra!
The math just gets worse – and that's before you get into the fundamental shift in #development #economics since the 2020 analysis.
It's literally ZERO extra homes for Melbourne for $125B+. That's $125,000 million. This is scandalous.
If I'm missing something in all this, please let me know. Otherwise this is poised to be the biggest #boondoggle #infrastructure project in Australia's history.