Quote:
Originally Posted by SpongeG
My city of Coquitlam is losing a lot of old rental stock to highrises currently, but as a requirement, any new developments must replace the lost rentals with new ones.
Such as there were two 3-storey rentals down my street that were and are being replaced by two towers, the old rentals had maybe 80 rentals between them, one of the towers will be a full rental with 200 rental units replacing the lost ones. most of them will be market value, a few are set aside for below market and fewer still for low income rentals.
It is a good way to ensure that rentals are being built. A few thousand rentals will be coming along in the next few years as part of numerous new developments.
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It only appears to be a success, but what has been done is a further restriction on developers building units. The true issue is that housing is too expensive, and government tinkering in this way does not solve that problem, it only makes the market less efficient.