Yeah I'm not sure. The presence of homeless people seems to be far more a function of how aggressive the government is at removing them than anything else. Melbourne is absolutely packed with homeless, but Sydney far less so, and I have a feeling it's not because of Sydney's cheap rent[0] or a lack of broken homes in the city. I suspect such a business oriented, conservative city is just more tough on its homeless.

[0] Sydney rents are insanely steep