CEO’s solution for housing crisis

By contrast, he cited the state of California, which recently took over many of the planning rules to increase house building and supply, as the way to go, saying that Accessory Dwelling Units (ADUs) – usually garages, basements or guest cottages built on or adjacent to the main structure – could also help create more affordable housing options.

“California basically said that if you have a property that looks like this, you have the ability to go build another property on the property. The state will basically override the local town rules, and I think that’s a model that they should apply to every single state in this country,” he said.

Beacham highlighted Toorak’s efforts at funding ground-up multifamily building projects, adding that it would also have a positive knock-on effect on the community.

He said: “This is getting at the core of the issue by creating more density and more housing closer to where people want to work, play and socialize.”

The demolition or renovation of older homes was also a way to address the problem, he added.