Why is Vancouver’s Affordable Housing Policy Turning Out to be Unaffordable?

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tn3-5366This piece by Nathalie Baker in the Province describes the work of  Vancouver’s Affordable Housing Agency (VAHA) to enable the “development of new affordable rental housing. This agency was a Council creation designed to  leverage “city and partner-owned land to create new housing projects that offer both, a greater diversity of home options and greater affordability, than what is currently offered by the private market.”

Originally “affordability” was targeted to households with incomes from social assistance to incomes of $86,500. Affordability was to be based on a maximum allocation to housing cost of 30 per cent of household income.  If your income was $86,500, your rent should be around $2,162.50 a month.

Ms Baker notes that under the city’s “Rental 100 Program” the city waives Development Cost Levies that are usually collected for items like parks, infrastructure and child care if the developer builds “affordable housing”in their development. The City…

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