Quote:
Originally Posted by logan5
The game changer here is the reduction of the social housing requirement from 60 percent (at graduating subsidy), to a much more reasonable and developer friendly, 20 percent.
I believe there will be a demand for the dtes if you start from the edges and work your way in. The Woodwords block is completely functional, so the next block over is the next logical step.
The Bronx did it. So can the DTES.
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The change to the proportion of social housing is proposed for the DEOD. The rest of the DTES has allowed more market housing, both rental and condos. Recently we've seen a condo building completed in Chinatown, with a high percentage of the units not sold even at completion. That's pretty much the only condo building completed in years. We've seen another condo building completed, but as a hotel, and a site with an approved condo building sold to a nonprofit housing organization for social housing.
With rentals, there are several recently completed social (and supportive) housing buildings, and more under construction, (one with shared ownership market units). There's a modest market rental building under construction on West Hastings, approved under the existing policy. The site next door to it was approved for a larger market rental building years ago, but was never built, and has now been proposed as a 100% social housing tower. Further east there are proposed market rental towers, and there's market rental proposed on the Army and Navy block.
The ODP reflects the existing DTES plans, although it anticipates the changes to be considered by Council next month. The consultation on those changes produced some consistent responses - a concern that there won't be enough welfare rate homes generated by development to replace those being lost, and those needed to move the dial on homelessness, (which is still climbing). The private sector developers were doubtful that the changes would make much difference to the viability of projects, without support for from government or nonprofit housing organizations.
There's been a steady (small) addiction of market housing (mostly market rental) in the DTES in the past decade under existing policy. There's a significant addition to supportive housing in the same period, almost all thanks to CMHC and BC Housing funding. It's a slight net gain on the SROs that have been lost to gentrification and demolition, but it's not been enough to reduce homelessness so far. We'll see if the new policy changes make any difference, but the overall demand for market rental and the number being built outside the DTES will probably have an impact on whether there's any difference in the rate of development in the area.