Affordable Rental Housing Program through Vancouver Developers?

Price Tags

7998504825_f7de4af45e_b-984x500Image: Daily Hive

Frances Bula in the Globe and Mail reports that the City of Vancouver will be requiring developers to ensure that roughly 25 per cent of units in new projects are “rented at rates affordable to those earning $30,000 to $80,000”. The City has faced some criticism for their eight year old “Rental 100” program that offered incentives for developers to build rentals, but also resulted in gaspingly high ‘low’ rents, including $1,360 for an east side studio. Developers will be offered an increased density bonus in exchange for the creation of affordable rental units.

Developers will be allowed to build this fall in an experiment to evaluate the effectiveness of 20 to 25 per cent of units being custom-built for affordable rental housing. Rents could range from $750 for people earning $30,000 to $2,000 a month for people earning $80,000.

Without the legal controls to reduce rents…

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