FOR IMMEDIATE RELEASE | 12 September 2017
VANCOUVER — OneCity’s Made in Vancouver Housing plan will ensure we lead the country in building new affordable rentals.
Today, Judy Graves and the OneCity team announced their Made-In-Vancouver Housing plan to jumpstart an affordable housing boom and address Vancouver’s housing crisis head-on.
The plan features four policies that will generate millions of dollars of local revenue and create thousands of new, guaranteed affordable, city-owned rental homes every year. At the heart of the proposal is a commitment to fairness by ensuring people who benefitted most from the current housing bubble do their fair share to help fix it.
“People in Vancouver understand that solving the housing crisis means building real affordable homes. Every dollar generated by these policies will be used to build thousands of guaranteed affordable rentals all over the city.” said City Council Candidate Judy Graves. "Affordability for low and middle income families, seniors, and workers needs to be guaranteed by the city and not left to the free-market and development community to determine."
The highlights of the Made-In-Vancouver Housing Plan OneCity released today include:
Create a local luxury property surtax of 1.5% on the wealthiest 1% and 0.5% on the wealthiest 5% of residential property owners in Vancouver.
Establish a city-wide Affordable Guarantee to ensure rents are fixed at 30% of tenants’ income in all City-owned rentals, in perpetuity.
Create a Flipping Levy on all homes sold within 3 years of purchase. The Flipping Levy would apply a 50% tax to the speculative profit made within the first year, and decrease to 35% in years two and three.
Open up all Vancouver neighbourhoods with new city-wide inclusionary zoning to put affordable housing before sprawling mansions and luxury developments.
In the coming weeks, Judy and OneCity will propose additional housing measures to protect and advocate for renters and address gentrification in the Downtown Eastside. Other key policies that support and grow Vancouver’s vibrant and inclusive communities and neighbourhoods are forthcoming.
Tyler Michaels, OneCity Campaign Co-Manager, 604-836-6112