Rental Housing Supply Coalition Platform
Whereas the population of the Metro Vancouver region continues to grow at over 40,000 citizens per year, creating an ongoing demand for safe, decent and affordable rental housing units, and;
Whereas a strong, vibrant and healthy Region must have an adequate supply of safe, decent and affordable rental accommodation for a range of incomes, and;
Whereas the construction of new rental housing at 600 units per year falls far short of the estimated demand of 6500 units per year, where 75% of these are needed for those with modest incomes of $45,000 or less;
Whereas construction of more rental buildings will bring significant, long term economic and benefits through new buildings, new jobs, and ‘spin-off’ employment in other areas of the economy, and;
Whereas municipalities want to promote the construction of new rental housing supply and are reviewing several strategies, including:
- Making land available for new rental construction;
- Increasing densities;
- Reducing fees, charges, other extractions, regulatory requirements and development review processing times on new housing, and
- Providing incentives for the provision of rental housing
Therefore, we request the Provincial Government assist in solving the affordable rental housing shortage across Metro Vancouver by:
- Requesting the Federal Government to:
Changing property assessment and tax practices that disadvantage new and existing rental housing, such as the over-valuation of rental properties as strata properties.
- Provide tax incentives and change tax policy to stimulate the construction of, and investment in rental housing, such as reinstating the ability to defer capital gains tax upon reinvestment, accelerate depreciation, deduct losses against other income, and permitting GST/HST exemption.
- Implement a National Housing Strategy that will bring together stakeholders on increasing affordable rental housing supply
- Increase the viability of non-profit and co-op housing construction through direct capital investment and long-term low-cost financing.
Creating incentives for non-market, affordable rental housing construction:
- In addition to short-term construction financing, develop a financing program similar to Infrastructure Ontario’s loan program that provides long-term, low-cost, direct government financing for non-profit and co-op housing.
- Assess the B.C. government’s surplus land holdings for land suitable for rental housing including a thorough review of surplus school properties
- Expand the funding parameters for federal-provincial housing funding beyond homelessness and seniors.
Rental Housing Supply Coalition: