Sydney Mascot Towers owners have voted to raise $7.7 million to fix their "inhabitable" apartment building after a special meeting, but they face little chance of returning to their homes before Christmas.

In a marathon meeting that lasted nearly 5 hours on Thursday night, more than 300 people were told the cracks in their property at 1-5 Bourke Street in Mascot have rendered the building unliveable. Mascot Towers was evacuated on June 14 due to cracking and "movements".