We need to work on housing as a whole system. That's why Making HOME does so much more than just build homes for purchase. Because it limits speculation while using land value capture to generate hundreds of millions of dollars we can finally raise enough funds to fight homelessness, build affordable rental, repair infrastructure, expand childcare, and accelerate the Climate Emergency Action Plan.

It allows thousands of young, middle-class or new Canadian families to buy their first home, while investing in rental homes for working people and those without a home at all.

City staff will iron out specific details, but Kennedy’s vision is to make between $80,000-$120,000 as a combined household income be the target.

We’re talking about two people making median incomes, like an entry-level tradesperson, or someone who works in a hotel.

That said, if we can get it even closer to the median income of mid-$70,000, that would be ideal. People are leaving Vancouver, so we need to be as aggressive as possible.

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 second 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, Moderate Income Rental Housing Pilot Program (MIRHPP) is an example. Other cities like North Vancouver have as well.

When new homes are built and sold, they can be sold for more money. Today, that "land lift" goes to owners. With Making HOME, we can limit speculation while using land value capture to generate hundreds of millions of dollars to fight homelessness, build affordable rental, repair infrastructure, expand childcare, and accelerate the Climate Emergency Action Plan.

There are various mechanisms, the strata corporation could be in charge of it, or a non-profit like BC Housing or Small Housing BC could be asked to help.

Buyers would be income tested through a review of tax information.

That’s not contemplated now. Kennedy thinks the pilot should be broad, and we can get staff feedback when they come back with their report. But if they think it’s a good idea, he is all for that.

No. Because the home will have a covenant, or another affordability mechanism, when the owners go to sell, their profit will be capped so that the home is affordable to every future buyer - forever.

No. Because most of the land lift goes right back into building permanently affordable units or is captured by the city to help fight homelessness, build affordable rental, repair infrastructure, expand childcare, and accelerate the Climate Emergency Action Plan, 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. And at the same time, we can support people who can't afford to buy, or don't have homes at all.

Staff will be asked to consider how the Tenant Relocation and Protection Policy can be applied to tenancies in properties considered for redevelopment under this policy.

This would discourage displacement and when a home was redeveloped, tenants would be compensated and assisted in finding new homes.

And don't forget, this program raises hundreds of millions of dollars to build more rental housing for households making less than $80,000 a year – helping drive down costs for all renters.