Vancouver adds 1,000 rental units a year, has best rental protection in Metro. Other cities? Don’t ask
No one likes to lose 400 low-cost affordable rental units over a five-year period, as Vancouver has, but Michael Mui’s story in today’s 24 hrs neglects to point out that Vancouver has added 1,000 rental units a year for the last four years and intends to keep up that pace.
Analysis has shown that market rents in these new Rental 100 program buildings are affordable to singles and families earning $30,000 to $80,00 a year — and mark a big contribution to a housing market that saw no new rental construction in 2008.
What’s more, Vancouver’s rate of change bylaw protects most of the city rental stock — which houses about half the population — from demolition unless it’s replaced by new rental. Even those rules are now being tightened by council.
Here’s the 2014 report card on the progress the city is making to build and protect affordable housing stock.
Fact: the City of Vancouver has the best rental construction program in the province and the toughest rental protection rules in Metro Vancouver.