The City of Vancouver has unveiled a pilot project to boost the supply of affordable rental housing.
Mayor Gregor Robertson announced that the city hopes to use a zoning proposal to provide 1,000 affordable rental homes along the Cambie corridor.
The homes would be reserved for renters with household incomes between $30,000 and $80,000 and designated as “long-term affordable.”
To meet that benchmark, rents would be no more than 30 per cent of that income. Developers would receive a “density incentive” in exchange for meeting the city’s below-market affordability benchmark on 20 per cent of their units.
“All new rental rezoning projects must include at least 20 per cent affordable, low-income housing at rents below market,” said Robertson.
The pilot program will take place in the Oakridge Municipal Town Centre and will include a variety of housing including townhouses, low-rise, mid-rise and high-rises connecting to Oakridge Centre mall.
If the pilot project in the Oakridge area is expanded, Vancouver would be the first city in Canada to have a requirement where at least 20 per cent of rental units are available at below market rents.
Photo: The Straight
Last modified: July 24, 2017
