Economic Development Amendment Act 2024

What this bill does

This bill extends special housing development benefits that were previously only available in designated Economic Empowerment Zones (EEZ) to new residential projects anywhere within Hamilton city limits. It creates a new category called "approved Hamilton residential schemes" that can access similar benefits as EEZ projects, but applications must be submitted by March 31, 2028.

If passed (voted YES)

• Property developers can build residential projects in Hamilton city and receive similar government approvals and protections as projects in Economic Empowerment Zones
• More residential development opportunities become available throughout Hamilton, potentially increasing housing supply in the capital
• The government can extend the 2028 application deadline if needed, giving developers flexibility

If rejected (voted NO)

• Special residential development benefits remain limited only to designated Economic Empowerment Zones outside Hamilton
• No new pathway for residential developers to access these benefits within Hamilton city limits
• Housing development in Hamilton continues under existing rules without these additional incentives

Who it affects

This primarily affects property developers and real estate investors interested in building residential projects in Hamilton, as well as residents who may benefit from increased housing options in the capital city.