Gentrification and Affordability Worries Arise Over a Proposed Vancouver Tower

A 128-unit residential tower proposed in Vancouver's Downtown Eastside neighborhood is stoking fears in some residents that their neighborhood is about to get a lot more expensive. The Province's Nick Eagland reports that 60 percent of the tower’s units would be "social housing," with the remainder at market rate. However, the Carnegie Community Action Project (CCAP) argues that the below market rate prices won’t meet the demand of the neighborhood’s residents.

CCAP’s Jean Swanson, a veteran housing activist, said a requirement for only one-third of the non-market units to be rented at the CAN$ 375 shelter rate — equating to 20 per cent of the overall number of units — does little to help all those struggling on a CAN$ 610 welfare cheque.

“They aren’t good enough because what we desperately need in the Downtown Eastside is housing for homeless people and housing for people who live in the SROs,” Swanson said.

The tower will take over a parcel developed with multiple retail businesses, most of them primarily operated by the local Chinese community, which Eagland reports has caused concern among locals that they will soon be gentrified out.

King-mong Chan, an organizer with the Chinatown Concern Group, said the development will hurt the "essence" and heritage of Chinatown.

“Traditionally, it’s served working-class Chinese people, but now with the development and the gentrification, it’s changing to a more trendy kind of neighbourhood similar to Yaletown,” he said.

The developer, Wall Financial Corp., will be meeting with the community to answer questions prior to going before the city’s Development Permit Board in January.