Recognition of social housing as a development tool and a way to uphold the right to housing, but also as an economic response so that people can have access to housing, is huge. That is why what we call affordable housing here does not correspond to that definition. Affordable housing is affordable for whom? We always talk about affordability for low-income and vulnerable people. This is important. When you go to social housing, you create an asset whose objective is to help people, and the resulting wealth is reinvested.
To give you an example, just in Vienna, the organizations have 1 billion euros a year that they reinvest in renovations and new construction. I repeat, they have 1 billion euros a year, just for that city. This billion euros is not government money. This is the surplus of groups that, to meet their needs, do construction or renovation to ensure that the housing stock is in good condition.
Consequently, by investing in social and community housing and ensuring the value of that stock and the organizations that take care of it, the government creates additional wealth. Instead of prioritizing emergency assistance for the homeless, we are prioritizing housing to ensure that there will be no more homeless people.
In the beginning, we have to get out of this vicious circle by saying that we're going to build housing and that the value of that housing will be reused to create others, accelerate the pace and move to large scale. At the moment, we go by program, by small achievements, and we think that the private sector will create affordable housing. However, the individual will sell their home or turn it into an Airbnb. So we have to make sure that we have a long-term system.
It's 100 years of history in Vienna. This is a story that we have to start here now. Because of the crisis, we have to realize that it takes a big project and the ability to achieve our ambitions. We have to set a target.
We have the number of people in core housing need. How long will it take for us to be able to build and how will we be able to give ourselves the tools to multiply that money through the involvement of social and community housing? Social and community housing players must ensure that this money always stays in the system and that it does not end up in profit, or in a sale or a transformation.