A long-debated plan to build three towers near one of Metro Vancouver’s busiest transit hubs is set for a public hearing. The proposal envisions three towers with heights of 44, 38, and 37 storeys.
Project Overview
The redevelopment of a Safeway lot next to the Commercial-Broadway SkyTrain station would comprise:
- 1,044 rental homes
- 10% of these units would be secured at city-wide average market rates.
- The remainder would lease for going market rates.
Supporters’ Perspective
Supporters argue that more housing is critically needed near transit. Peter Waldkirch, director of Abundant Housing, states:
"Vancouver has a crushing shortage of housing. For decades we have not been building enough housing."
He adds that it’s "actually quite perverse" that bigger and taller buildings are being built in Burnaby than in Vancouver.
Opponents’ Concerns
Craig Ollenberger disagrees, arguing that the proposal brings nothing but luxury rentals and claims that none will be affordable. He advocates for all rentals to be under $2,000/month (market rate) and asserts that true affordability requires rents to be lowered below current prices.
Financial Implications
A recent study found that nearly half (48%) of households earning between $40,000 and $60,000 per year pay more than 50% of their income towards rent. This leaves little room for other expenses, savings, or debt repayment, making long-term financial stability difficult without significant changes, including:
- Lower monthly payment options available through government programs designed to assist low-income individuals and families.
Conclusion
Peter Waldkirch emphasizes the severe lack of housing across the entire region, particularly in his own neighborhood, where no significant residential development has occurred over the past four decades. He notes:
"For decades we basically haven’t built much new housing there [in Grandview Woodlands] since the ’70s… despite this being one of the busiest transit hubs in Canada."
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