Vancouver’s New “Affordable” Housing Rentals Aren’t Even Close To Affordable And Locals Are Outraged
Vision Vancouver is trying to bring an "affordable" rental development program to the city.
There's a new housing rental coming to Vancouver that is marketing itself as "Affordable Housing" – but it is stirring up controversy because, to locals, it's anything but affordable.
Vision Vancouver introduced an "affordable" rental development program proposal called Rental 100 to the city but people are not here for it, according to The Georgia Straight.
What's even more controversial is that the proposed rents for this new affordable rental housing unit would replace the much cheaper rent currently in place at the building that this development would replace. Monthly rent at the current building is $650 for a studio, $600-$700 for a one-bedroom apartment, and $750-$850 for a two-bedroom unit, according to The Georgia Straight.
In comparison, the proposed rents for this "affordable" housing rentals are $1,496 for a studio, $2,505 for a two-bedroom apartment, and $3,365 for a three-bedroom unit. This is more than double the current rates at the building it will replace.
Besides not providing more affordable prices than what's already available at the building, the proposed rent prices are not even much cheaper than the average rent in Vancouver right now.
According to data from Rent Jungle, for October 2018, the average monthly rent for a one-bedroom unit in Vancouver is $1500 and $2580 for a two bedroom. That means that a one bedroom in this "affordable" development would be only $75 cheaper than the average rent in the city.
People are slamming this rental project for being the opposite of affordable. In a Reddit thread about these housing units, a user wrote, "does this mean that they are tearing down a building with actual affordable rents to build a new building with actual unaffordable rents and calling it 'affordable?'"
Gair Williamson Architects is behind the application to build the "affordable" rental housing units. "If approved, the application would contribute 34 for-profit rental housing units towards achieving the City’s affordable housing goals as identified in the Housing Vancouver Strategy," the proposal states.
Source: The Georgia Straight