Vancouver Needs More Housing

Share this post
Video: Kennedy Stewart on the affordability of rental vs. owning
morehousing.substack.com

Video: Kennedy Stewart on the affordability of rental vs. owning

Russil Wvong
Oct 12, 2021
Share this post
Video: Kennedy Stewart on the affordability of rental vs. owning
morehousing.substack.com

In Vancouver, renting is far more affordable than owning, even at market rents.

Kennedy Stewart gets it. Video of Stewart at a July 2019 public hearing, explaining why he's voting to approve rezoning for a market rental project - 121 market rentals, affordable for household income around $80,000 for a one-bedroom ($2000/month), $100,000 for a two-bedroom ($2600/month). The alternative would be for the developer to build a handful of new duplexes:

Those half-duplexes would sell for about a million and a half, each. That means you'd need an income of about $335,000 a year, to afford them, plus the down payment of $300,000. I'm a renter, and as your mayor, I could not afford that. So the mayor of Vancouver could not afford the alternative to what's being proposed here. Which I think is kind of insane.

More on this particular project (3833 Fraser Street):

  • Rezoning application, including the staff report

  •  Full video from July 9 and July 11 public hearings

  • Daily Hive: proposal (August 2018), opposition, approval

Share this post
Video: Kennedy Stewart on the affordability of rental vs. owning
morehousing.substack.com
Comments
TopNewCommunity

No posts

Ready for more?

© 2023 Russil Wvong
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing