We estimate that home buyers will pay an average of $873,000 for a new apartment in Sydney though it only costs $519,000 to supply, a gap of $355,000 (68 per cent of costs). There are smaller gaps of $97,000 (20 per cent of costs) in Melbourne and $10,000 (2 per cent of costs) in Brisbane. The large gaps are sustained by planning restrictions. The shortage of apartments is most severe in the inner suburbs of Sydney, where height limits prevent more construction.
This is econo speak which says that planning restrictions, yes you local government, add up to $355,000 to the cost of an apartment in Sydney (lesser but still significant amounts in Melbourne and Brisbane).
Note the reference to the inner suburbs of Sydney, home of the ABC, the Greens and the Labor Party left. Not to mention Sydney University and UTS.
Can someone remind TAFKAS which political parties dominate Sydney City Council, Inner West Council, Waverley Council and Randwick Council? Planning policies to protect the wealth of the bureaucratic bourgeoisie it seems.