New Rental Zoning Tool Could Help Make New Rental Homes A Reality

MEDIA RELEASE

A coalition of rental stakeholders, the Partners for Rental Housing, has released a technical report, entitled Making Rental a Reality, calling on the provincial government to bring forward guidelines and protocols in reference to a new and untested rental zoning tool, the Residential Rental Tenure Zoning policy (RRTZ).

Several municipalities are exploring the tool, including New Westminster, Victoria, Richmond, Vancouver and Burnaby. In some cases, RRTZ is being applied without consultation to landowners, significantly devaluing land, triggering a lawsuit and deterring new, and necessary rental home building. This devaluation compromises owners’ ability to leverage those properties to obtain financing for future rental projects. The technical report offers clear recommendations on how provincial and municipal governments could appropriately use the tool.

QUOTES:

“By providing guidance and monitoring the use of this zoning tool, BC could significantly increase rental home choices for all budgets and improve affordability. While well-intentioned, its flawed implementation in some municipalities so far, can actually inflict more harm on the very people this was supposed to help,” says Anne McMullin, UDI President & CEO, and group spokesperson. “But these rollout challenges can be addressed through some careful direction and appropriate stakeholder consultation. The Partners for Rental Housing share the same goal as all levels of government in wanting to provide secure rental homes to meet the needs of all BC’s residents.”

“Renters will ultimately be harmed as the incentive for owners to continue to invest in older buildings beyond basic maintenance will evaporate,” stated Partners for Rental Housing member, David Hutniak, CEO of LandlordBC. “Coupled with provincial rent controls that cap rent increases to inflation rates well below rising taxes, maintenance and operations costs, it will become unsustainable to operate a purpose-built rental building.”

More details can be found in the linked documents below:

Partners for Rental Housing is comprised of a group of eight organizations that have come together to support the growth of rental options across British Columbia. Spanning the business and housing sectors, we work together to advocate for more rental homes and for positive partnerships with builders to address the current housing crisis.

For interviews with coalition spokesperson Anne McMullin, please contact Cheryl Ziola.
C: (604) 719-2909 or E: [email protected]

 

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