The Social Democratic and Labour Party (SDLP) has launched a plan to address Northern Ireland's housing emergency, outlining a strategy to deliver 100,000 new homes by 2039.

The policy paper, titled Building Firm Foundations, was officially launched on Thursday afternoon at Cultúrlann McAdam Ó Fiaich in west Belfast.

Key proposals in the plan include:

• Building 2,600 social homes annually and expanding support for first-time buyers and private rental tenants.

• Mandating that 30% of all new developments be allocated to social or affordable housing.

• Establishing a Public Land Agency to facilitate the construction of more homes on public land, reducing costs and maximising public funding.

• Reforming the planning system and addressing wastewater infrastructure issues through an independent review of NI Water.

• Introducing a legal duty for public bodies to cooperate on housing provision and homelessness prevention.

Foyle MLA Mark H Durkan said: "We cannot escape the scale of the worsening housing emergency facing the North, and indeed this entire island. We have over 48,000 households currently sitting on a social housing waiting list, people are finding it harder to save a deposit to get on the housing ladder, the average monthly cost for a private rental has passed £1,000 a month and we are seeing record demand for homelessness services.

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"This situation has been made even more difficult by the stop-start nature of politics here, the refusal of Executive parties to show leadership on this issue and a lack of investment from successive UK Governments. The Executive has been talking about a Housing Supply Strategy to build 100,000 homes for some years, and while that figure is laudable, there has been precious little detail on how they hope to achieve it. In the past year they have built just hundreds of social homes.

"Given the failure of the Executive to get to grips with this issue, the SDLP Opposition has spent the past few months engaging with stakeholders and others to bring forward a positive vision for the future of housing in Northern Ireland. The proposals we are outlining today would enable the Executive to live up to its lofty promise to build 100,000 homes by 2039 and provide dignity to everyone in the North who is currently unable to access the housing they need.

"By taking bold steps instead of shirking tough decisions, we can build the social and affordable housing stock we need, address the issues at NI Water so that developments can go ahead and encourage sustainable housing to protect our environment. We will also be able to work collaboratively on an all-island basis to realise opportunities and address shared challenges.

"I would encourage the Executive to engage constructively with our plan – doing nothing will consign another generation of people here to spending years on a waiting list or living with friends and family long after practical. This problem isn't going away overnight, but it's clear the current approach to housing isn’t working and that’s why we are making this radical intervention in the form of this robust and ambitious plan."