Today’s cartoon is actually a carbon update from one I did two years ago in “June 2015”. When our mayor was chirping the “new norm” for a 2 bedroom apartment then was an outrageous $1,500 at his campaign donor FDG mixed property lane gobbling new highrise. And to no one’s surprise FDG also received 12 bonus floors at their 161 E. Keith Rd. location. At the time a typical 2 bedroom unit was renting for $1,100 a month. Jettisoning to June 2018 a new market value 2 bedroom is around $2,500+! Since 2015 the costs of rentals has jumped at least $1,000 a month, showing no signs of supply & demand leveling off!
With property values and accelerating construction costs also showing no signs in leveling off. You can surely expect a “mid market value” two bedroom rental from last Monday Night’s 127/129 E. 12 St. Public Hearing that was approved 6 to 1 (Bell) will be $3,500 when completed in two years! Their low income rentals marked down 10% for only 10 years will cost low income families a whopping unaffordable $3,150! And this is ONLY for the first one year lease! Then in perpetuity the landlord at today’s allowable rent increase of 4% – rent in year 2 will be $3,250, in year 3: $3,415, in 5 years a whopping $3.500 and in 10 years OMG: $4,000 plus!! #RentalMortgageRates #unaffordableRentalHousing
So when wannabe mayor Buchanan and now I hear maybe wannabe mayor Clark “home owners” and the rest of city council are in favour of 10/10/10 affordable rental housing. Just keep in mind these new low income rentals are still at least one year away from offering 10% below market value. At which point a 2 bedroom “low income rental” will be $3,000 a month! These are NOT LOW INCOME AFFORDABLE RENTALS!
Our city council wants you to believe they are seriously dealing with our low income rental crisis when in fact all they are promoting in this an election year is equivocating and pleading for low income electoral support! Their vulturine developer buds WILL NEVER OFFER “real low income rental housing” at 50% below rental retail!
Low income housing can only largely come from Provincial and or Federal Government Assisted Programs. Provincial (Liberal) programs Vancouver City and the District have previously and readily welcomed… We under Mussatto’s CityShaping developer siege did not. #Vote4Change