The B.C. government has introduced a multibillion-dollar plan to construct more homes as quickly as possible in an attempt to build its way out of the housing crisis.
The so-called Homes for People plan starts with a $4-billion investment over three years and commits to $12 billion over a decade with incentives to build, laws to curb speculation and financial help for renters and homeowners.
The latest proposal focuses on building more townhomes, duplexes and triplexes through zoning changes, offering forgivable loans for homeowners to build and rent secondary suites at below market rates, and constructing thousands of homes for renters, Indigenous Peoples and students. The government says it will bring in a flipping tax to discourage speculation, beef up enforcement of short-term rentals, and streamline and modernize the permit process to cut costs and speed up approvals.
Reducing homelessness is a key part of the plan, with a proposal to add 3,900 new supportive housing units and 240 complex care spaces.
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