The threat of legal action remains for Griffith City Council following the repeal of a policy requiring developers surrender water entitlements.
Council's general manager Brett Stonestreet has said a full report into the water contributions could take several months, as they focused on approving development applications.
Griffith Business Chamber's vice-president Paul Pierotti said that his phone had been ringing non-stop with chamber members and developers concerned about the policy's impact.
Mr Pierotti called volumetric contributions policy an "unfair tax on developers".
Last week, councillors voted unanimously to repeal the policy after council sought legal advice about its validity, it had been in place since July 1994.
Some of those contributions were made in water or more recently, as a cheque as permanent water entitlement prices had risen.
"Council's immediate priority is to continue processing existing and new development applications as expeditiously as possible," council's general manager Brett Stonestreet said.
"Research of past volumetric water contributions or financial contributions in lieu of water contributions since 1994 will take several months," Mr Stonestreet said.
Mayor John Dal Broi guessed the amount contributed during those 25 years could be valued in the millions.
"I would say its around the tens of millions," Mr Pierotti said.
He said council could avoid an "extreme class action" if they acted quickly and returned the water, or the value of the water at current prices.
"If they give developers back the money or water, as a high security permanent licence, they will avoid a class action," Mr Pierotti said.
He said any class action would not only focus on recovering the value of the water, but also damages arising from having to make those contributions.
"No one gave up the water, they were forced to by a policy which is illegal," he said.
Mr Pierotti said the volumetric contributions policy had also hindered the city's housing market.
"We believe this is ultimately the cause of the housing crisis that we have at the moment," Mr Peirotti said.
"The housing shortage, and the trade skills shortage arising from that, homelessness and housing stress.
"Council has hindered opportunity in Griffith and hindered the growth of the city."
He said the city's gross regional product had fallen as a result. He said this policy had made it harder for the housing market to recover following price falls in 2012 and meant the market had effectively been in a "stalemate".
"It has made our market less competitive than others."
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