Quote:
Originally Posted by Alex Mackinnon
BC Housing just bought the American Hotel.
This seems like kind of a dumb move to me. They paid way over the assessed value and it was already running as an SRO.
They just spent $18M to create zero net new low income houses. I don't see how this is a positive, aside from having some additional support available to residents, and having the government be a landlord.
Why not spend the money on something that was either vacant (to bring it back into the housing supply) or build something new?
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They bought the vacant site next door as well, which was going to be developed as market rental. The American, when it reopened, was almost all market rentals, so not an SRO in the sense of housing residents on welfare. That appears to be changing with the new ownership, although the article mentions the existing tenants can stay if they want to.
Do you know of something vacant they could buy (except hotels, and presumably those hope to find occupants soon)? The only buildings I can think of are the Regent and Balmoral that have been closed down for safety reasons, and no doubt BC Housing would buy them and renovate them if the owners entertained a sensible price, but as we know, those have been tied up in litigation, and might end up owned by the City eventually.