Why are you focused on ownership? What about people who make far less than middle-incomes?
We need to work on housing as a whole system. People need to be able to move from one type of housing to another as their circumstances change. That’s why Kennedy has been working on getting all kinds of housing built, including over 1,000 modular homes for people experiencing homlessness as well a affordable and market rental units.
If we can create new options for the middle-class, people who are taking up units in the rental market can make way for others. New options help us reduce pressure in the housing market – all while introducing below-market, secure affordable options in the detached home market for the first time ever.
Affordability mechanisms can include a covenant on title as outlined under Section 219 of the Land Title Act, which allows a municipality to register a positive or negative covenant against title to property. The covenant “runs with the land” so it can continue in perpetuity.
Other options include a 2nd mortgage on title facilitated by BC Housing through their Housing HUB program, or by a non-profit such as Small Housing BC.
We’ve done projects in the City using these tools, MIRHPP is an example. Other cities like North Vancouver have as well.
100 may sound like a large pilot, but we have almost 70,000 single-detached lots in Vancouver, so we’re talking about 1/10th of 1 percent of what we have now.
This number is small enough to be non-disruptive, while at the same time allowing us enough space to experiment with deeper affordability, different neighbourhood character, different lot sizes, innovative design, and allowing a range of family types and builders the chance to try this out and report back to us.
More data is always better; we want to make sure we get this right and deliver as much affordability to as many people as possible.
No. Because most of the land lift goes right back into building permanently affordable units, there isn’t a profit incentive to build these units. Instead, the incentive is for groups of people wanting to build together because they can’t afford a standard detached house, or seniors who want to age in place.
We are confident staff can design a program that is geared to those folks, and not people looking to make money.
The amendment asks staff to design the pilot to keep that in mind. Kennedy does not want to see renters, many of whom may qualify for these affordable units, be displaced by a program intended to give them more options.