What neigh­bours?

Finweek English Edition - - Main news stories -

WHAT HAP­PENED| DRAFT LEG­IS­LA­TION THAT the rich and the poor are go­ing to be com­pelled to be­come neigh­bours is again in the head­lines. In terms of it, new de­vel­op­ments will have to set aside up to 30% of the value of each de­vel­op­ment for low-cost hous­ing. In ad­di­tion, those will have to be spread among the larger houses. Ad­mit­tedly, the pro­pos­als make pro­vi­sion for ex­cep­tions, pro­vided de­vel­op­ers al­lo­cate a larger por­tion to low-cost houses in other de­vel­op­ments.

WHAT THE OTH­ERS SAID SUN­DAY PA­PER RAP­PORT said the pro­posed leg­is­la­tion had al­ready led to shock waves among de­vel­op­ers, who said that it would bring the res­i­den­tial build­ing in­dus­try in SA to its knees. “No­body will be pre­pared to buy units in such de­vel­op­ments,” says Sable Homes CEO Jo Pelser. Beeld re­ported that the desta­bil­i­sa­tion of SA’s hous­ing mar­ket could have a neg­a­tive ef­fect on the growth of the mid­dle class.

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