Vancouverites needs affordable rental homes - and they need them now.
The rental market has gotten out of control, and the average 1-bedroom in the city costs more than $2000/month. There are thousands of homeless, huge waitlists for social housing, and even well-paid professionals can’t afford to rent in the city.
Private developers are building free-market housing, but at luxury prices only the rich can afford. The more luxury homes our current Council builds, the more rich people move to Vancouver and chase rents up for the rest of us -- this is how Vancouver has got trapped in a luxury loop.
The most effective way to break this luxury loop is building new city-owned rental homes and co-ops rented at a fixed rate of 30% of tenants’ income. Only City-owned homes can guarantee real affordability for renters now!
Vancouver has a housing crisis, and it’s only fair those who benefitted off the housing bubble pay to help fix it. A property surtax of 1.5% on the top 1%, and 0.5% on the top 5%, of the city’s most expensive homes would bring in hundreds of millions of dollars a year that can be used to build thousands and thousands of subsidized rental for the average-income and below-average-income workers, students and families of Vancouver.
OneCity’s luxury surtax on the top 5% would generate enough local money to build enough modular homes to house every single homeless person in Vancouver within 1 year, and still build thousands of units of affordable rental every year.
Sign this pledge to support a property surtax on the top 5% to help build thousands of guaranteed affordable rentals for average income earners, the poor, and the homeless.