A wave of new development is having a destabilizing effect on Vancouver’s affordable rental supply
In Vancouver, at least half a dozen older buildings along Barclay, Thurlow and Nelson streets near Burrard Street are empty or look to be in the process of emptying out.At 998 Thurlow St., the building is empty and surrounded by fencing, damaged by fire in 2018. The owner has plans to restore the heritage façade, upgrade the building, reconfigure the 80 rental units and add another storey. Another developer has applied to rezone 1040-1080 Barclay St.
“All of this has resulted in the clearing out of existing buildings, even while applications are being prepared and processed, including those that were renter-occupied, to make way for new ones,” says community activist and a “Going south of Davie in the same area, just last month council approved that this interim rezoning policy was made permanent, so there is going to be a rush there of tall towers going in and we figure 1,500 people could be evicted,” Mr. Helten said.crisis is the net loss of affordable units. For every new rental unit built, several more are either demolished or renovated so the landlord can find a tenant who will pay more. Mr.
“If it were me, I wouldn’t even allow the rezonings to be developed by the private sector at this point. I would say, ‘let’s build up the non-profit development sector.’” Vancouver city council recently decided not to go ahead with a pace of change policy that would have controlled redevelopment within rental areas of the Broadway Plan. Staff had recommended limiting redevelopment of existing rental buildings to five projects a year, in order to protect renters from too much displacement. The development industry spoke out against more red tape.
“We are getting calls from developers who are either walking from their sites or are concerned that they cannot proceed, and asking us to review the numbers, wondering whether they should pivot from rental to condo,” Mr. Goodman says. “And it’s happening all over the city.”
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