Vancouver is famous for high-rises and a decidedly urban quality of life, but housing prices are still skyrocketing. A new ten-year housing strategy proposes a few drastic measures to rebalance the market's scales.
Earlier this week, the Vancouver City Council approved a ten-year housing strategy designed "to address everything from combating homelessness and revitalizing low-density neighbourhoods, to taming real estate speculation and increasing rental housing stock," according to an article by Dan Fumano and Nick Eagland.
"The overall strategy includes, among other things, a target of creating 72,000 new homes for renters, families and vulnerable residents over the next 10 years," according to the article.
Dan Fumano wrote a follow-up article on the Housing Vancouver strategy, focusing on the new plan's attention to the city's rental market. In addition to proposing new tenant protection measures, the Housing Vancouver strategy recommends the immediate implementation of the Moderate Income Rental Housing Pilot Program. That program offers incentivizes to the private sector "to develop purpose-built rental buildings," such as additional density or relaxed parking requirements.
Controversially, the "strategy also raises the idea of creating 'rental-only zones' in the city, which would require legislation from the provincial government," according to Fumano.
For more information, see also the City of Vancouver's Housing Vancouver website.
Read the full story: Vancouver council approves 'bold, ambitious' 10-year housing strategy
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