Apartment owners of the ill-fated Mascot Towers will be given low-interest loans to repair the defect-plagued Sydney building, if NSW Labor wins the election.
Residents were rushed from the 132-unit block in Sydney's inner-south on June 14, 2019, after reports of movement in the building.
Major cracking was detected and engineers later declared the building uninhabitable.
Apartment owner Treacy Sheehan says the saga "has been a nightmare of an unnatural disaster".
"It's been mentally, physically and emotionally devastating to have to have dealt with this for four years," she told reporters on Thursday.
Ms Sheehan said that in the three and a half years since the building was evacuated, some of the owners had died, while others had struggled with mental illness from the stress.
Labor's promise follows a similar commitment from the NSW Greens, who called on whoever forms government next month to buy out the owners.
Ms Sheehan says the owners were also in talks with the government.
Labor's Courtney Houssos says the government should have offered low-interest loans to residents when they were evacuated.
"We think that it's important that (the owners) retain the ownership of the building, and allow the capital increase in the assets to be realised once it's remediated," she said.
Ms Houssos said a government buyback would see owners recoup about $42 million, losing about 80 per cent of the property value.
Labor will work with the owners to fix remaining issues in the building by offering a low-interest loan, or acting as a guarantor on a loan, and guarantee their accommodation until works are finished.
The party will also pass laws to ensure council rates accruing since the evacuation are waived.
Labor also pledged to create a NSW building commission and a minister for building, to tighten regulations on the sector.
Apartment owners have been eligible for payments of up to $400 a night from the NSW government over the past three and a half years.
The fiasco was coupled with similar issues at Opal Towers at Sydney's Olympic Park, leading to the NSW government looking to reform the state's troubled construction industry.
The Berejiklian government installed David Chandler as the building commissioner to clean up the sector. Mr Chandler said he was confronted by "frankly horrific" circumstances.
Treasurer Matt Kean said Mr Chandler had been working to ensure new developments complied with the law, and that consumers were protected.
"As the former fair trading minister in NSW, I want to make sure that everyone is safe living in their homes," Mr Kean told reporters on Tuesday.
"The fair trading minister (Victor Dominello) is working with those owners of those apartments to ensure we get the best results."
Last year the NSW government launched an investigation into the former City of Botany Bay council over the towers.
The owners have since reached a settlement with the owner of a neighbouring building, AAP understands.
