Vancouver's Housing Authority Buyout Plan

0:00It's March 31st. Welcome to Canada News Today, powered by AI, I'm Cory with the story. Vancouver's housing authority is eyeing a buyout of the carriage house apartments to lock in affordable rents before investors swoop in. These older spots, like the ones at 4714, North East 72nd Avenue, rent cheap without government help, but their prime targets. For flips that jack up prices. The push comes as naturally occurring, affordable housing shrinks fast. Investors grab these fixer-uppers, renovate and hike rents to cash in, leaving low-income folks scrambling in a tight market. Back in 2014, residents at Courtyard Village got hit hard with surprise rent jumps right before Christmas, pushing many toward eviction. Since the new rates blew past their fixed incomes, today, the area is down to just 19 affordable units for every 100 super low income households from 23 last year. To fight back, the authorities cooking up a hyper plan they buy the buildings then

1:00lease to private firms for upgrades using private cash. No property taxes for the authority mean savings passed on, keeping rent steady even after fixes. This setup targets renters earning under 80% of the area median income, about $69,500 for one. Even ensuring the units go to those who need the most, stabilizing homes long term.