Vancouver mayor Ken Sim has announced intentions to build market housing on city-owned land.
The plan, led by the Vancouver Housing Development Office, would essentially turn the city into a landlord, with the hundreds of rental properties generating revenue.
According to the city, a number of sites have already been proposed. They include land at Hornby St. and Pacific St., Granville St. and Pacific St., Main St. and Terminal Ave., 2400 Kingsway, 8324-8494 Granville St., and Granville St. and 67th Ave.
The first site already has a rezoning proposal in the works, and is slated to be evaluated in the spring. If approved, the existing Hornby Shelter would be demolished to make way for two towers, rising 40 and 54 storeys, with a combined 1,136 rental units of varying sizes.
"By leveraging our land, we're not only delivering much-needed market rental housing, but we're also piloting a new way to generate non-tax revenue for the city," Sim said.
He noted that "many of our young people, young professionals, families and essential workers are struggling," suggesting "this project is about more than just housing, it's a game-changer for how we use city-owned land in Vancouver."
To qualify for residency, households would have to make between $90,000 and $194,000 per year.
In a statement, the city said it was still "committed to delivering non-market rental housing through the VHDO as well," and that they will "continue to provide affordable housing in partnership with senior governments and other partners through sites held in the Vancouver Affordable Housing Endowment Fund."
