The mayor wants tough renter protections, but developers warn the cost of that could doom new construction
Stewart campaigned in 2018 on boosting rental housing construction and making life better for renters, who make up slightly more than half of Vancouver households. As he gears up for this year’s re-election campaign, Stewart is trying to rally support for the Broadway plan and making an ambitious pledge, saying this wave of development will not force any renters out of their neighbourhood.
“In the past in Vancouver, large-scale plans have ignored renters, driving people out of their neighbourhoods with little or no regard. So it’s no surprise that those living along the corridor today are feeling anxious,” Stewart said at city hall last week. “These changes should provide renters peace of mind.”Article content
But David Hutniak, CEO of the industry association LandlordBC, says that recent boost in rental construction could be jeopardized by rising interest rates and higher construction costs. Municipalities adding “unreasonable demands” — such as stronger tenant protections — will only add to the challenge.
Wesgroup CEO Beau Jarvis said his company has about 1,000 rental units under construction in Metro Vancouver, about 200 of which are below-market units. He said construction costs and interest rates mean none of those projects would be viable if they were starting today.
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