LandlordBC Supports More Purpose-Built Rental In Port Moody

If you want more secure rental housing in Port Moody then you need to speak at the July 10th, 2018 public hearing. Make your voice heard! Click here to learn more.

Below is a letter sent from LandlordBC to Port Moody Council regarding a proposed new purpose-built rental housing project.

LandlordBC is the professional industry association representing owners and managers of rental housing in British Columbia. LandlordBC’s mandate is to support a balanced and healthy rental housing market with an emphasis on private sector solutions.  Secure purpose-built rental housing is a community amenity.  As a result, LandlordBC strongly supports this project and the secure, family-oriented rental homes it will create to serve the community for decades to come.

Mayor and Council are acutely aware of the chronic shortage of purpose-built rental housing in the City of Port Moody and across Metro Vancouver. You have been undertaking solid measures to help address this challenge in the community, but your work is not done.  Sadly, the development of this housing typology remains extremely challenging to build due to high land and construction costs and, the absence of appropriate incentives and support from all levels of government.  When we have a proponent prepared to assume the risk and build these critically important homes in our community, we must not miss the opportunity and therefore it is important that you say yes!

Our organization is especially excited about how the proponent’s proposal will bring 229 units of purpose-built rental homes to the community including:

  • 143 (63% of the units) two and three-bedroom homes ideally suited for young families;
  • Leveraging transit – these 229 homes will be within a 5-minute walk of the Inlet Centre Skytrain Station;
  • The proponent is providing a Compass Card for 6-12 months for each unit to encourage transit use;
  • Tenant relocation – the proponent has provided 5 homes for affected manufactured home residents at SAFER rental rates; and
  • On-site amenities including parking for 350 bicycles and a bicycle wash and repair station. Modo membership and $100 credit per unit for car-sharing.

We need to build secure purpose-built rental housing.  It is a challenging product to build at the best of times and we should collectively be doing everything we can to encourage new construction and not place unnecessary barriers.  That is why LandlordBC enthusiastically supports the approval of this project and we encourage Mayor and Council to do the same.