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Linsea O'Shea's avatar

Loving-kindness—there’s a thought! 🤔 But let’s talk about entrenchment, particularly in non-profit (NFP) housing providers that are thriving off their so-called “below-market” rents—rents that are anything but affordable. (Side note, the BC Societies Act needs a complete overhaul IMHO https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/15018_01)

Here’s what’s happening:

🏗️ Demolishing instead of repurposing: Older buildings (30 years old is now considered “old”) are being emptied and torn down.

🏠 Dodging taxes & misusing space: These NFPs aren’t paying empty homes tax and aren’t using vacant family-sized units for short-term emergency housing.

📏 Shrinking unit sizes & prioritizing singles: The rebuild triples the number of units, but the square footage shrinks—favoring studios and 1-bedroom apartments over the desperately needed family-sized homes in Vancouver (YVR).

💰 “Below-market” rents that mirror market inflation: Because "below-market" and "social housing" rents are pegged to super-inflated market rates, the affordability is a myth.

🏢 NFPs are becoming oligarchs: Since the Broadway (FlawedWay) Plan was first discussed, NFP housing providers have been buying up land like nobody’s business, consolidating power and control over Vancouver’s rental market - TAX FREE!!

The Reality of “Below Market” Housing in Vancouver:

If the market rent for a 1-bedroom unit in YVR is $3,000/month, then:

➡️ "Below market" rates are only 10% lower, meaning $2,700/month rent.

➡️ To "afford" this under the 30% income rule, you'd need to earn a minimum of $108,000/year.

🚨 That’s not affordable housing—that’s just a slightly discounted version of unaffordability 🚨

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Think Or Swim's avatar

Developer-funded factions like AHV need to be kicked to the curb. PS thank you Brian & son.

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