Rental Housing Program Met With Qualified Success
A pilot project to create purpose-built market rental housing in Vancouver during the economic downturn by offering developers fee waivers, increased density and relaxed parking restrictions has met with qualified success.
Over two and a half years, the Short Term Incentives for Rental (STIR) project has created 1,651 rental units in Vancouver. But if a permanent program is to be put in place later this year, the city needs to get a better bang for its buck, David McLellan, the city’s deputy city manager said Wednesday.
As a result, the city will likely scrap one part of the program that allowed developers to mix condominiums with market rental units, and keep another part that encouraged buildings to be 100-per-cent market rental.
[Top Image: Flickr user hownowdesign]