New legislation set to be introduced on Wednesday will halve NSW build to rent housing project developers land tax.

The announcement comes after Planning Minister Rob Stokes said he was “determined to increase the availability and viability of the build-to-rent market in NSW”

Dr. Stokes said the build to rent model provided greater security for tenants, gave developers an incentive to ensure construction quality and the single ownership provided planners with more flexibility to change the zoning in future decades.

The new scheme, which will last for 20 years, is expected to boost construction and create jobs amid the COVID-19 recovery.

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