1754 Pendrell | 58m | 21Fls | Completed

[SpongeG]

is this the building in this article?

Vancouver is 'disappointed' by developer's actions but has no legal grounds to step in
Jen St. Denis
CTVNewsVancouver.ca

Published Sunday, February 9, 2020

VANCOUVER -- A senior City of Vancouver staffer has sent a sternly worded letter to a developer whose interpretation of a right of first refusal rental agreement differs markedly from both what the city and tenants understood.

But despite the expressions of disappointment, the city says its hands are tied when it comes to legal options to dispute Reliance Properties' interpretation of the agreement.

"We're feeling abandoned by the city," said Kian Gray, one of five West End tenants who hoped the city would step in and hold the developer to what the tenants and the city believed was an offer to move back to a new building at the same rent for two years.

https://bc.ctvnews.ca/vancouver-is-d...p-in-1.4804096

I don't understand this part - renters pay rent of $2350 and get back the difference? how does that work in form of cash or a credit towards the future?

But in December 2019, they received another document from Reliance. This one said the arrangement would actually involve signing a lease at the market rent – for Gray, $2,350 for a one-bedroom – and then getting a monthly rebate from Reliance for the difference between the new rent and what they had been paying ($1,112 in Gray's case). At the end of the two years, Gray and his husband would pay the full market rate of $2,350 – a 90 per cent increase, and a rate that would take up around 50 per cent of their combined income.