LandlordBC Supports New Purpose-Built Rental Project
Rezoning 1755 West 14th Avenue/ Purpose-Built Rental Project
With the continued chronic low vacancy rates for rental housing in Vancouver, the addition of 116 purpose-built rental units plus, the retention of an existing 134 unit secured rental building, is a welcomed and badly needed addition to the City of Vancouver rental stock, and that is why LandlordBC strongly supports the rezoning of 1755 West 14th Avenue.
The location of the proposed project will be a tremendous addition to the community particularly with its close proximity to the Vancouver General Hospital and the healthcare hub immediately surrounding VGH. This project will provide a badly needed source of rental housing for the large contingent of individuals working and living in the area, many of whom currently struggle with options and especially security of tenancy due to their being forced to rent from the strata/condo market. In addition, by adding new purpose-built rental supply, the development will help ease the demand on existing, older rental stock in the community and broader City. Furthermore, this development is ideally situated relative to transit and local amenities. This will encourage tenants to walk and seek alternative modes of transportation to the automobile, which is good for the environment and also reduces tenant’s transportation costs.
Infill opportunities are typically complicated and difficult for both the City and developers. In addition to the 116 rental units and retention of the existing 134 secured units, this development is a great example of an infill project that fits the scale and character of the community and, integrates existing amenities and shared open space for residents in both the new and existing rental structures to enjoy. Achieving this outcome in an infill project is generally very challenging and rare. The project will also provide further benefits through a significant Community Amenity Contribution of $2 million and Development Cost Levies for the City.
LandlordBC continues to be a strong voice for the alleviation of the housing challenges renters face in Vancouver today. Through our leadership in the formation of the Rental Housing Coalition, a collaboration with tenant advocacy groups and other like-minded housing stakeholders, we are aggressively seeking the support of the federal government to provide badly needed tax incentives for the building of new purpose-built rental and for the enhancement of existing rental stock to offset high land costs and construction costs.
At the same time, we are also encouraging cities, municipalities and the provincial government to play a more active role in the facilitation of the building of new purpose-built rental housing. Metro Vancouver has stated in a recent study that the region will need at least 6500 new units of rental housing in each of the next 10 years. The majority of that will be needed right here in Vancouver. By approving this development you are taking an important step toward providing badly needed rental housing in Vancouver.
Chief Executive Officer