Amidst the ongoing housing affordability crisis in the Vancouver region, and just four months before municipal elections, City of Vancouver council earlier this week unanimously approved a new financial strategy for the Housing Vancouver strategy.
Intended to support the addition of 72,000 new homes across Vancouver over the next 10 years — half of which will serve households earning less than $80k/year, and two-thirds of which will be for renters — this is just one among a number of decisions made by Council supporting their Making Room program, including:
- creating Affordable Housing Endowment Fund
- allocation of first $8M of Empty homes tax revenue to support co-ops, rent bank and SRO upgrades
- amendments that would: allow triplexes, quadplexes and other multi-unit forms in low density neighbourhoods; set maximum unit sizes in low-density neighbourhoods; reduce or eliminate parking requirements; provide greater support for projects with community benefit, such as new rental, co-ops, co-housing or land trusts; and, in some circumstances, reduce or eliminate setback requirements and design guidelines that limit housing options.
All of Wednesday’s actions are summarized in this press release from the city.
Some critics have expressed concern that increasing allowable density on sites without significant changes to the rezoning and development permit process will just recreate the same affordability crisis we are in today, thus “kicking the can down the road”.
Are we sure this will bring affordability and sufficient options to the city? We asked some regular Price Tags contributors what they thought.Read more »